KUALA LUMPUR, Feb 15 — Hume Cement Industries Bhd’s (HCIB) wholly owned subsidiary Hume Concrete Sdn Bhd (HCCT) is disposing of a parcel of land in Prai Industrial Estate, Penang, together with the buildings and all fixtures, fittings and other things on it for RM39.8 million cash.
HCCT has entered into a conditional sale and purchase agreement with Skygate Technology (KL) Sdn Bhd, said HCIB in a filing with Bursa Malaysia today.
“The property is not needed for HCCT’s operations and the proposed disposal will enable HCCT to realise its investment in the property.
“Barring any unforeseen circumstances, the proposed disposal is expected to be completed in the second half of 2024,” it added.
HCIB said it expects to realise an estimated net gain on disposal of about RM32 million upon completion of the proposed disposal. — Bernama