PETALING JAYA: Tien Wah Press Holdings Bhd is selling its machinery for RM1.29 million following its plant closure in Malaysia.
The group told Bursa Malaysia, it had on Jan 9, 2018 entered into an assets sale agreement with Paper Base Converting Sdn Bhd, an indirect wholly owned subsidiary of New Toyo International Holdings Ltd, which is a major shareholder of Tien Wah.
Tien Wah said the disposal is in line with the cessation of its printing business announced on July 20, 2017 and will help realise the value of some of its assets, which are no longer used or required by the group.
The group stressed that the disposal is not expected to result in the group becoming a cash company or a Practice Note 17 (PN 17) company based on its audited consolidated financial statements for the financial year ended Dec 31, 2016.
The expected gain from the disposal is RM843,013, which will be used for working capital.
Tien Wah’s share price gained 5 sen or 3.2% to close at RM1.63 today on some 73,000 shares done.
Source: The Sun Daily