PETALING JAYA: Gromutual Bhd
’s wholly-owned subsidiary, Cheng Yew Heng Manufactory Sdn Bhd, has executed a sale and purchase agreement with Vermi Industries Sdn Bhd for the disposal of a piece of land with a building in Kulai, Johor, for RM4.8mil.
In a filing with Bursa Malaysia, Gromutual said the agreement was arrived upon on a willing buyer-willing seller basis and the expected gain from the disposal to the group is about RM630,000.
The proceeds are proposed to be utilised for repayment of bank borrowings and/or as working capital for the group within six to 12 months from the date of completion of the disposal.
Measuring 0.7334ha in area together with a detached factory, Gromutual said the property obtained certificate for completion on Nov 16, 1994 and the cost of investment is RM1.3mil.
