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KSTB sells 5-storey office and shop in Bangsar Utama

KUALA LUMPUR: Kejuruteraan Samudra Timur Bhd (KSTB) sold its 5-storey office and shop in Bangsar Utama to Lipids Terminal Sdn Bhd for RM3 million.

In a filing to Bursa Malaysia on Nov 9, its wholly-owned subsidiary, Samudra Timur Sdn Bhd, had on Nov 6 signed a sale and purchase agreement with Lipids Terminal to dispose of the unit, measuring approximately 1,808 sq ft.

KTSB said the disposal may help the group pare down its borrowings and improve its working capital to fund future operations. KSTB and Samudra Timur are expected to gain about RM1.1 million from the deal.

Samudra Timur is principally engaged in the provision of tubular inspection and maintenance services to the oil and gas industry. It purchased the said property in July 1987 at RM700,000.
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