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Friday, April 6, 2012

Yung Kong unit selling land for RM12mil

KUALA LUMPUR: Yung Kong Galvanising Industries Bhd (YKGI) subsidiary Star Shine Marketing Sdn Bhd (SSM) has entered into a sale and purchase agreement with Kota Tropika Development Sdn Bhd to dispose of a parcel of freehold vacant land in Klang for RM12.218mil.

In a filing with Bursa Malaysia yesterday, YKGI said that the land was disposed of to reduce SSM's bank borrowings and interest expense.

“This is part of YKGI group's strategic transformation plan,” it said.

The disposal is expected to be completed by July.

By Bernama

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