Pasdec in RM74mil land sale

PETALING JAYA: Pasdec Holdings Bhd is disposing of an industrial piece of land measuring 59.2 acres in Kuantan, Pahang to Petroluxe Refinery (M) Sdn Bhd (PRSB) for RM73.50mil.

In a filing with Bursa Malaysia, Pasdec said the proposed disposal will enable the group to unlock the value of the property, adding that PRSB will build an integrated refinery and petrochemical facilities complex on the land.

“In addition, the proposed disposal will be able to strengthen the cashflow position of the group and provide greater financial flexibility to carry out its plans. The disposal price will be utilised as working capital for the on-going and new launched projects of the group,” it said.