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KUALA LUMPUR (Feb 5): Apparel manufacturer PCCS Group Bhd is proposing to sell a 2.62-acre leasehold land in Batu Pahat, Johor, together with three buildings on-site for RM8.5 million.
The buildings, said PCCS in a filing yesterday, comprise a one-and-a-half storey building cum offices, a two-and-a-half storey factory building cum offices, and a single storey factory building — with a combined floor area of 8,467.17 sq metres.
PCCS yesterday inked an agreement with Harta Packaging Industries Sdn Bhd for the disposal, which the group said had an original cost of investment of RM8.06 million.
Proceeds from the sales, said PCCS, is intended to be used as group working capital. "The proposed disposal will reconfigure resources within the group as well as improvement of the group's cash flow," it added.
The share price of PCCS hit a multi-year low of 22 sen on the first trading day of 2018, but has since recovered slightly. The counter last traded 1.5 sen or 4.62% lower at 31 sen, giving it a market capitalisation of RM65.11 million. — theedgemarkets.com
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