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Tat Hong Holdings unit to sell Shah Alam property in Malaysia
Tat Hong Holdings' Tat Hong Plant Hire is selling its Shah Alam property to Hiro Food Packages Manufacturing for a total a cash consideration of RM$17.5 million (S$6.5 million).
The Shah Alam Property comprises freehold land of 8,166 square metres with an ancillary two-storey detached industrial building.
Tat Hong said in a statement on Monday that its subsidiary had no further need for the property given that it had relocated its core crane rental operations to larger premises in Kulaijaya, Johor which was acquired in 2014 to house its expanded operations, realise operating cost savings and to better serve its customers, many of whom are engaged in projects in the southern part of West Malaysia.
The Shah Alam Property has a net book value of RM6.1 million as at March 31, 2015 and the group would realise a gain of approximately RM11.5 million after deducting expenses.