Nextgreen sells subsidiary to Singaporean for US$1.2m

PETALING JAYA: Nextgreen Global Bhd has sold its wholly owned subsidiary BHS Palau Incorporated to Singaporean Chan Cheh Shin for US$1.213 million (RM4.885 million).

In a filing with Bursa , the group said the disposal is expected to raise gross proceeds of about RM4.885 million, which will partly be used to fund the development cost of Green Technology Park in Pekan and partly for the construction of a pulp and paper .

The group said the disposal of BHS Palau is to streamline its business activities to focus and capitalise on its green technology, which includes the development of the Green Technology Park in Pekan and other states.

“Both activities will require substantial investment of management time and financial resources. The disposal will enable the management to concentrate on the two activities and use the disposal proceeds generated on these two projects,” it said.

BHS Palau was incorporated in the Republic of Palau and is the owner of 16,225 sqm of leasehold land in the Republic of Palau, which has been alienated for residential and commercial purposes.

The disposal will result in a one-time gain of RM3.1 million for Nextgreen.

Source: The Sun Daily

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