CFM proposes to sell four parcels of land to FCW for RM91.1 mil

KUALA LUMPUR (April 27): Computer Forms (Malaysia) Bhd (CFM) has proposed to sell four parcels of land in Setapak, Kuala Lumpur to FCW Holdings Bhd for a total of RM91.1 million.

In a filing with Bursa Malaysia today, CFM said the four parcels of land, comprising two parcels of leasehold land with buildings erected, is to be sold by its indirect wholly-owned subsidiary CFM Development Sdn Bhd (CFMD) for RM57.8 million and RM22.6 million.

CFM Printing & Stationery Sdn Bhd, a wholly-owned subsidiary of CFM had entered into a conditional sale and purchase agreement for the proposed disposal of two remaining parcels of leasehold land with buildings erected for RM4.6 million and RM6.1 million respectively.

The company intends to use the disposal considerations for rental payments, special interim dividend, repayment of borrowings, estimated expenses and working capital.

CFMD will also enter into tenancy agreements with FCW or its nominee upon completion of the disposals, which will ensure that existing business operations on two lots of land are not disrupted, as tenure of 24 months with an option to further renew the lease terms will allow the group to continue its business operations whilst sourcing for a new location to relocate business operations.

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