A property in Selangor owned by Kumpulan Jetson Bhd's wholly-owned subsidiary Jetson Development (Asia) Sdn Bhd is being sold for RM5 million.
Jetson Development is selling a plot of industrial land in Kapar, Klang, along with a detached factory to DTM Sdn Bhd.
Both parties had entered into a sale and purchase agreement on December 6, 2022,
According to a filing with Bursa Malaysia yesterday, the investment for the said property was RM2.5 million at the time it was purchased in July 2011.
GRP Sdn Bhd, a subsidiary of Jebco Manufacturing Sdn Bhd, is currently occupying the factory complex.
Jetson said in the filing that the long-held property investment would be monetised, and the group's debt will be reduced, according to the proposed disposal.
It said that the net proceeds of about RM1.85 million, after settling the charge would be used to fund the Jetson Group's working capital needs.