Boustead Holdings” Unit to dispose property, assets for RM28 million

Boustead Holdings'' Unit to dispose property, assets for RM28 million

KUALA LUMPUR, Dec 17  — Boustead Holdings’ indirect unit, Johan Ceramics Bhd, plans to sell three parcels of land, machinery and equipment, as well as, its trademark to Kim Hin Ceramic (Seremban) Sdn Bhd for RM28 million.

In a filing to Bursa Malaysia, Boustead Holdings said the three contiguous parcels of industrial land in Seremban would include two buildings.

“The machinery and equipment located on the property, used for tile manufacturing, has a total net book value of RM6.39 million.

“The trademark is a Class 19 trademark registered with the Intellectual Property Corporation of Malaysia in respect of ceramic wall and floor tiles, and roof tiles, valid until April 1, 2022,” it said.

Boustead Holdings said considering Johan Ceramics ceased operations on July 1, the proposed disposals are part of the progressive efforts to wind-down the company to maximise the realisable value of its assets.

The gross proceeds of RM28 million would allow Johan Ceramics to settle a substantial portion of its outstanding obligations and to undertake a members’ voluntary winding up, eventually.

The proposed disposals is expected to be completed by the first quarter of 2016.