Glomac to sell commercial building

PROPERTY developer Glomac Bhd is selling a block of commercial building to Koperasi Kakitangan Bank Rakyat Bhd for RM22.6 million.

The sale of the building — the Block B of Glomac Business Centre in Kelana Jaya, Selangor, will result in a gain of about RM4.6 million.

“The proceeds raised will be used for the group’s working capital,” said executive chairman Tan Sri F.D. Mansor in a statement yesterday.

As a result of the sale, the board of Glomac is proposing to pay a special dividend of 1 sen a share.

By Business Times