Encorp to Sell Land in Batu Ferringhi for RM25 Million

 Encorp to Sell Land in Batu Ferringhi for RM25 Million

 

KUALA LUMPUR, October 5 — Encorp Bhd is selling its 2.33- hectare freehold land in Bandar Batu Ferringi, Penang, to Crescent Consortium Sdn Bhd for RM25 million.

In a filing to Bursa Malaysia, the company said the proposed disposal enabled Encorp to unlock its capital from being tied up in long-term assets.

It said the disposal consideration of RM25 million would be used to repay bank loans of RM15 million, disposal expenses amounting to RM850,000 and RM9.15 million for general working capital and future investments.

Encorp expected the proposed disposal to be completed in the first quarter of next year.

 

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