PETALING JAYA: Oasis Harvest Corp Bhd is disposing of a parcel of industrial land in Puchong, Selangor to Crest Group Bhd for RM16.5mil.
In a filing with Bursa Malaysia, Oasis said the land consists of a three-storey detached factory with a three-storey office, annexed together with a guardhouse.
Oasis said the proceeds from the disposal will be used to repay bank borrowings, for outlet marketing and events as well as working capital requirements.
“The proposed disposal is in line with Oasis Group's objective of streamlining its businesses to focus on the food and beverage (F&B) segment, as well as to unlock the value and monetise its non-core asset as the property has not been generating revenue stream for the group's current business operations.
“The board opines that the proposed disposal also augurs well with the group's plan to focus on its F&B business and is a suitable asset to dispose in order to enable the group to improve its financial position moving forward.”
