Media Chinese completes disposal of Toronto industrial property for RM28.65 mil

PETALING JAYA (Aug 7): Media Chinese International Ltd (MCIL) has completed the disposal of its Toronto industrial property for C$9.9 million (approximately RM28.65 million), concluding a transaction first announced in March.

In a Bursa Malaysia filing on Thursday (Aug 6), the media group said the disposal was completed on the same day, with the vendor, Ming Pao Holdings (Canada) Ltd, an indirect wholly owned subsidiary of MCIL, ceasing to be the owner of the property upon completion.

The transaction involved the sale of the land and a single-storey industrial building at 1355 Huntingwood Drive, Toronto, Ontario, to Cyclone Range Hoods Inc. for C$9.9 million.

The proposed disposal was first announced on March 30 after the group ceased its Canadian media operations on Feb 1, 2026, leaving the property no longer required for its operations.

MCIL said the disposal would enable it to monetise the asset and reallocate financial resources to other business needs.

Based on the March announcement, the group expects net proceeds of about C$9.3 million (approximately RM26.92 million) after transaction costs and expenses, with the proceeds intended for general working capital.

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