Ta Win to sell Selangor land to metal recovery industries for RM44.5mil
KUALA LUMPUR: Ta Win Holdings Bhd's wholly owned subsidiary Ta Win Industries (M) Sdn Bhd has entered into a sale and purchase agreement with Metal Recovery Industries Sdn Bhd to dispose of 1.6187 hectares industrial land located in Selangor for RM44.5 million.
The company said in a filing with Bursa Malaysia that the rationale behind the disposal is to focus on core operations as the property is currently vacant and non-operational, making it non-essential to its core business.
"It is to monetise this idle asset to unlock cash, which can reduce borrowings and lower interest costs. The cash infusion also improves working capital, positioning Ta Win Group to seize future opportunities and manage market volatility.
"The move is resource efficiency – eliminating the ongoing costs of maintaining the unused property supports optimal resource allocation, allowing Ta Win Group to be more responsive to rapidly evolving market demands," it said.
The copper wire and rod manufacturer noted that the proposed disposal will result in a net loss of approximately RM3.6 million after deducting estimated incidental costs.
It added that in accordance with applicable accounting standards, the revaluation surplus associated with the property will be reclassified from the revaluation reserve to retained earnings within shareholders' equity.
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