KUALA LUMPUR, Dec 9 — EG Industries Bhd is disposing six parcel of industrial land in Kedah for RM8.5 million as part of its on-going restructuring exercises to dispose of non-core assets.
EG wants to focus on its core electronic manufacturing service business, it said in a filing to Bursa Malaysia when announcing the disposal of the land to Schaefer Kalk (Malaysia) Sdn Bhd.
The disposal of the land owned by EG and its unit SMT Technologies Sdn Bhd would also enable EG to strengthen its balance sheet and improve its gearing.
“The gross proceeds of RM8.5 million arising from the disposals would be utilised by EG mainly for repayment of bank borrowings with estimated interest savings of RM425,000.00 at an annual interest rate of five per cent,” it said.
— BERNAMA
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