KUALA LUMPUR: The wholly-owned subsidiary of Hume Cement Industries Bhd (HCIB), Hume Concrete Sdn Bhd (HCCT), is selling a piece of land in Penang's Prai Industrial Estate, along with the buildings, fixtures, and fittings, for RM39.8 million in cash.
According to a filing with Bursa Malaysia today, HCIB said that the property is not required for HCCT's operations.
It added that HCCT will be able to realise its investment in the property through the proposed disposal.
A conditional sale and purchase agreement has been reached with Skygate Technology (KL) Sdn Bhd, according to the filing.
"Barring any unforeseen circumstances, the proposed disposal is expected to be completed in the second half of 2024," the company said.
HCIB said that after the planned disposal is completed, it anticipates realising an anticipated net gain on disposal of roughly RM32 million.