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AG Report Johor Foods urged to explore other business after sale of business
by Cals Tue 17 Jun 2014, 01:19
| AG Report Johor Foods urged to explore other business after sale of business |
| Business & Markets 2014 |
| Written by Bernama |
| Monday, 16 June 2014 18:11 JOHOR BAHARU (June 16): Johor Foods Sdn Bhd, wholly-owned unit of Johor Corp, has been urged to explore other business to continue to generate profit. According to the second series of the 2013 Auditor-General's Report, released here today, this followed the sales of all its oil palm estates and factories, which were one of its key activities. "Starting May 2012, Johor Foods has not received any revenue contribution from this key source, as the oil palm estates and factories had been sold to Syarikat Mahamurni Plantations Sdn Bhd for RM253.32 million. "All the funds from the sale were channelled to the parent company. Until the completion of the audit exercise, Johor Foods has still not venture[d]into any new business to find new sources of revenue," it said. The report said, based on feedback received on March 11, 2014, Johor Foods said that the sale of the oil palm estates and factories was decided by Johor Corp — its main shareholder. It said that Johor Foods has not declared any dividend to Johor Corp from 2010 to 2012, although it made a profit. |
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