Seal Inc sells 28 pieces of land to raise RM27m for working capital

KUALA LUMPUR (Nov 22): Builder-cum-property developer Seal Incorporated Bhd is monetising 28 pieces of land in Penang to raise RM27 million for the group's working capital.

In a filing with Bursa Malaysia, Seal Inc said its wholly-owned subsidiary Seal Properties Sdn Bhd entered into a sale and purchase agreement with Kayangstar Property Sdn Bhd for the disposal.

The filing disclosed that Kayangstar's principal activity is properties investment holdings, but did not mention the shareholders of the company.

Seal Inc expects to complete the disposal in the first quarter of 2018.

The group's share price fell 0.5 sen or 1.12% to close at 44 sen today, giving it a market capitalisation of RM103.12 million. — theedgemarkets.com

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