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Prinsiptek Corp disposes Penang land for RM8.5 million

KUALA LUMPUR: Prinsiptek Corporation Bhd disposed of 1.5 acres of Penang land to Tauplene Development Sdn Bhd for RM8.5 million, the company said in a filing to Bursa Malaysia on Friday, July 2.

Via its wholly-owned subsidiary Prinsiptek Properties Sdn Bhd, the Group’s rationale behind the disposal “is in line with the Group’s strategy of preserving capital value and strengthening the balance sheet via realizing cash resources, which can then be deployed in other projects and investments to maximise the returns of the Group and for its working capital purposes.”

Barring any delays, the disposal will be completed by September 28, 2010.

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