Industronics in RM7mil Kajang land disposal

PETALING JAYA: Industronics Bhd is disposing of 1,382 sq m of freehold land in Kajang, Selangor to People and Global Sdn Bhd for RM7mil.

In a filing with Bursa Malaysia, the company said the land, which has a net book value of RM5.01mil, contains a four-storey office and a single-storey detached factory.

It was sold to Lauh Sau Wan and Wong Chee Cheong who are the two shareholders of People and Global, it said. Its original cost of investment was RM216,210 for this piece of land.

Industronics said it plans to put RM5mil of the proceeds from the disposal for investments to open a new sales gallery for luxury watches within two years of the sale.

It also plans to use RM656,000 for working capital within three months of the transaction.