PLB Engineering sells agriculture land in Kulim to Tiong Nam

KUALA LUMPUR (Feb 7): PLB Engineering Bhd is disposing of a piece of freehold agriculture land in Kulim, Kedah, to Tiong Nam Logistics Solutions Sdn Bhd for RM9.63 million.

In a filing to Bursa Malaysia today, PLB said the 5.96 ha plot is held by its wholly-owned subsidiary PLB-KH Bina Sdn Bhd.

Tiong Nam Logistics Solutions, a wholly-owned subsidiary of Tiong Nam Logistics Holdings Bhd, is principally involved in transportation, warehousing and property investment.

PLB said its directors arrived at the consideration on a willing-buyer willing-seller basis after taking into account the audited net book value of the property of RM3.04 million as of Aug 31, 2016.

After the disposal, PLB expects to gain about RM6.59 million, it said, adding that the proceeds will be used to repay bank borrowings and for working capital.

PLB's share price stood at RM1.45 in early afternoon trading, valuing the group at RM119.13 million. —

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