KUALA LUMPUR: T7 Global Bhd, a major upstream and downstream oil and gas service provider in Malaysia has proposed to dispose its Birmingham property for a cash consideration of GBP5.75 million (RM32.24 million) through the entire share sale of its wholly owned subsidiary, 7 New Market Street Holdings Ltd. Upon completion of the disposal, T7 Global will recognise a one-off gain of RM9.7 million which will contribute significantly to the group’s financial performance. T7 Global noted the consideration will be paid in stages whereby 10 per cent has been received by the company and the remaining 90 per cent of GBP5.2 million (RM28.96 million) will be paid in three equal monthly payments. “We are pleased to have completed the disposal of our Birmingham property as we are moving towards streamlining our business towards our core areas of expertise. “The cash proceeds of RM32.24 million from the disposal will be critical for the Group’s plans to solidify its foothold in the oil & gas sector.” said T7 Global executive deputy chairman, Tan Sri Datuk Seri Tan Kean Soon.

Source: New Strait Times October 18, 2017 07:41 UTC