KUALA LUMPUR (Feb 7): PLB Engineering Bhd is disposing of a piece of freehold agriculture land in Kulim, Kedah, to Tiong Nam Logistics Solutions Sdn Bhd for RM9.63 million. In a filing to Bursa Malaysia today, PLB said the 5.96-hectare plot is held by its wholly-owned subsidiary PLB-KH Bina Sdn Bhd. Tiong Nam Logistics Solutions, a wholly-owned subsidiary of Tiong Nam Logistics Holdings Bhd, is principally involved in transportation, warehousing and property investment. After the disposal, PLB expects to gain about RM6.59 million, it said, adding that the proceeds will be used to repay bank borrowings and for working capital. PLB's share price stood at RM1.45 in early afternoon trading, valuing the group at RM119.13 million.

Source: The Edge Markets February 07, 2017 07:18 UTC