Signature Unit To Dispose Of Techpark Lands For RM25.7 Mln

KUALA LUMPUR, Signature International Bhd's wholly-owned subsidiary Signature Realty Sdn Bhd plans to dispose of two pieces of vacant freehold land in Negeri Sembilan for RM25.7 million. In a filing with Bursa Malaysia today, the company said the lands are located within an industrial park in Bandar Baru Enstek called Techpark @ Enstek Phase 2. 'The proposed disposal will also realise an estimated gain on disposal of RM3.71 million. A part of the proceeds will be utilised for repayment of intercompany loans. 'Secondly, the proposed disposal will enable the group to part repay its bank borrowings, which will reduce the group's gearing level and improve the ability of the group to borrow further should new business opportunities arise as well as improve the group's cash flow position due to lower interest expense,' it said. Source: BERNAMA News Agency