KUALA LUMPUR: Utusan Melayu (Malaysia) Bhd’s wholly-owned subsidiary, Mediamony Sdn Bhd, is disposing a five storey corner shop office at Petaling Jaya for RM7 million to Eden Resources Sdn Bhd.
The group said the net proceeds from the proposed disposal was intended to be utilised partially to fund working capital requirements to finance its day-to-day operations, including payment to creditors, administrative expenses and other operating expenses.
It added that the actual utilisation has not been determined at this juncture and may differ at the time of utilisation.
“The board is of the opinion that the proposed disposal is in the best interest of Utusan Group as the exercise will enable the group to raise funds for the working capital requirements,” Utusan Melayu said in a filing with Bursa Malaysia today.
The proposed disposal was expected to be completed by end-2019. — BERNAMA