Tex Cycle unit to dispose of Kuchai Lama property for RM29mil

KUALA LUMPUR: Tex Cycle Technology (M) Bhd's wholly-owned subsidiary Metro Envy Sdn Bhd is disposing of a 4,822.7 sqm leasehold property with a three-storey industrial building in Kuchai Lama, Kuala Lumpur, for RM29mil.

In a filing with Bursa Malaysia, the group said Metro Envy had signed a sales and purchase agreement with the purchaser, Gorgeous Arena Sdn Bhd, as the proposed disposal presents an opportunity to realise the value of its investment in the property.

According to the filing, the property is currently being rented out for RM105,339 a month.

Tex Cycle said the proposed disposal will not have any effect on its existing business operations.

The proposed disposal is expected to be completed by the first quarter of 2024.