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Jaks Resources sells Klang land for RM59 m

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Jaks Resources sells Klang land for RM59 m Empty Jaks Resources sells Klang land for RM59 m

Post by Cals Wed 03 Sep 2014, 22:48

Jaks Resources sells Klang land for RM59 m
Business & Markets 2014
Written by Shalini Kumar of theedgemalaysia.com   
Wednesday, 03 September 2014 19:13

KUALA LUMPUR (Sept 3): Jaks Resources Bhd's wholly-owned unit Harbour Front Development Sdn Bhd has entered into a conditional sale and purchase agreement with Welloyd Engineering (M) Sdn Bhd to sell a piece of freehold land in Klang for a total of RM59.4 million. 

In a filing with Bursa Malaysia today, Jaks Resources said the land measured 22.08 acres, and currently used by the group to house part of its manufacturing facilities for steel pipes.

Given that the manufacturing business continues to remain competitive and unit cost is high from production levels that are not optimized, the group views the opportunity to realise its investment cost will be beneficial to the group, it says. 

The disposal is expected to be completed by the first quarter of next year. 
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