KUALA LUMPUR (Oct 5): Tien Wah Press Holdings Bhd’s Australian unit is disposing of a parcel of land in New South Wales, along with a building erected on it, for A$22.02 million (RM65.18 million).
The group said the property is held by Anzpac Services (Australia) Pty Ltd, which is a wholly-owned unit of Tien Wah’s 51%-owned subsidiary Max Ease International Ltd.
The buyer is CEA Property Pty Ltd, Tien Wah said in a statement today.
The land measures 33,260 square metres and includes an office and factory measuring 14,088 square metres, the group said.
This disposal follows the cessation of Anzpac’s printing business, which Tien Wah had announced in June last year.
It had caused Tien Wah to incur a reduction of RM15.75 million to its consolidated earnings for the financial year ended Dec 31, 2018.
The move had been part of the group’s restructuring of its production footprint to improve strategic positioning and reduce operating costs in the longer term, the group had said at that time.
Shares in Tien Wah were untraded today and last closed at RM1.47, giving the group a market captialisation of RM212.77 million.