PLB sells land to Tiong Nam

PETALING JAYA: PLB Engineering Bhd is disposing of 5.96ha of land in Bandar Baru Kulim, Kedah, to Tiong Nam Logistics Holdings Bhd for RM9.62 million cash.
The company told Bursa Malaysia that its subsidiary PLB-KH Bina Sdn Bhd has entered into a sale and purchase agreement with Tiong Nam Logistics Solutions Sdn Bhd for the disposal.
PLB said the land has never been utilised and is an excess to the company; thus the management is of the view that the disposal is in its best interest.
The expected gain from the disposal is about RM6.59 million based on the net book value of RM3.03 millionas at Aug 31, 2016.
Proceeds will be channelled into repaying bank borrowings and paying expenses related to the disposal., which is expected to be completed within three months since from the date of the agreement.