Teo Guan Lee Corp to sell land for RM750,000

KUALA LUMPUR: Teo Guan Lee Corporation Bhd said on Friday, Oct 15 that it intends to sell a parcel of land in Penang, together with the building atop of it for RM750,000.

The company said on Bursa Malaysia that its unit PPAC (M) Sdn Bhd had on the same day entered into a sale and purchase agreement with Toh Peng Chooi Holdings Sdn Bhd for the proposed disposal ay Chulia Street in Penang.

The property is a 3-storey building with built-up area of about 3,600 sq ft.

The company added that the proceeds from the proposed disposal will be used for working capital purposes, but did not disclose a timeframe for the full utilisation of the sale proceeds.