Pantech Global unit to dispose of freehold land for RM31.73mil
KUALA LUMPUR: Pantech Global Bhd’s wholly-owned subsidiary, Pantech Steel Industries Sdn Bhd, has entered into a sale and purchase agreement with Veltrix Land Sdn Bhd for the sale of a parcel of freehold land at a total consideration of RM31.73 million.
Pantech Global Bhd's wholly-owned subsidiary, Pantech Steel Industries Sdn Bhd, has agreed to sell a parcel of freehold land in Klang, Selangor for RM31.73 million. The land, spanning 435,874 square feet, was originally intended for the construction of Klang Factory 2. Pantech Global has decided to dispose of the property due to the prolonged timeframe and planning requirements for its development.
The sale will allow the company to recover its capital investment and reallocate funds towards its ongoing development and operational needs. This disposal is anticipated to enhance the cash flow of the Pantech Global Group. The final gain or loss from the transaction will depend on the property's net carrying amount and the costs associated with its disposal.
Once all necessary approvals are secured, the sale is expected to be finalized by the first quarter of 2027.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
