KUALA LUMPUR: T7 Global Bhd, an upstream and downstream oil and gas service provider, obtained shareholders' approval to dispose its property in Birmingham for £5.75 million (RM31.45 million) in cash.
In a statement today, T7 Global said the disposal is in-line with the Group’s current corporate planning to focus in current business and new ventures.
Proceeds from the disposal will be used to finance working capital for projects and general working capital of the Group.
T7 Global chairman Datuk Seri Dr Nik Norzul Thani said the proceeds from this disposal will enable T7 Global to strengthen its liquidity and cashflow, also allowed the Group to utilise the future cashflow for its upcoming capital expenditure.
“We believe in the potential of T7 Global and look forward to playing our role to drive T7 Global’s growth and creating value for shareholders.
“We are also optimistic that the Group will deliver another good year following the encouraging fourth quarter results for the current financial year ending December 31, 2017.
“We will ontinue to focus on our core earnings drivers and keep our eyes on the Group’s long term objectives,” he said.