Friday 29 Mar 2024
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KUALA LUMPUR (Mar 13): Integrated manufacturing services provider Globaltec Formation Bhd is disposing of a 7.8-acre piece of land in Kota Kinabalu, Sabah for RM20 million.

In a filing with Bursa Malaysia this evening, Globaltec (fundamental: 0.95; valuation: 0.3) said its wholly-owned subsidiary AIC Corp Sdn Bhd (AICC) has entered into a conditional sale and purchase agreement with two Malaysian individuals for the proposed land disposal.

The exercise will be done via the disposal of 100% equity interest in AIC Properties Sdn Bhd (AICP), an entity that owns the land, by AICC to George Chee Tat Min and Melina Chen Set Ling.

Globatec said the disposal is to unlock the value of the land and realise the capital gain from it.

The group is of the view that the cash proceeds can further strengthen its cash position.

Its cash and cash equivalents stood at RM69.09 million as at end-2014.

Globaltec shares closed unchanged at 7.5 sen today, with 17.92 million shares done, giving it a market capitalisation of RM403.63 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
 

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