Encorp plans to sell land in Penang for RM25 mil

KUALA LUMPUR (Oct 6): Encorp Bhd is selling 2.33ha of freehold land in Bandar Batu Ferringi, Penang to Crescent Consortium Sdn Bhd for RM25 million, Bernama reported yesterday.

In a filing to Bursa Malaysia yesterday, the company said the disposal will enable Encorp to unlock its capital from being tied up as long-term assets, Bernama reported.

The disposal consideration of RM25 million would be used to repay bank loans of RM15 million, disposal expenses of up to RM850,000 and RM9.15 million for general working capital and investments.

Encorp expects the disposal to be concluded by the first quarter of next year.

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