Cabnet Holdings disposes of land for RM2.55mil

PETALING JAYA: Cabnet Holdings Bhd is disposing of a piece of freehold land measuring 183 sq m, together with a unit of three storey shop in Pekan Kinrara, Selangor, to Broadlink Marketing Sdn Bhd for RM2.55mil.

In a filing with Bursa Malaysia, Cabnet said the disposal will provide the opportunity to unlock and realise the value of the property with a gross estimated gain of RM670,000.

“The estimated gain on the property disposal is expected to increase the net assets of the group.”

Cabnet said the proceeds from the disposal will be used to repay bank borrowings and for working capital for on-going projects.