KUALA LUMPUR (Jan 19): Automotive, rail and industrial part maker Kumpulan Jetson Bhd has proposed to dispose of a 1.62-hectare industrial land in Gombak, with a factory complex built on it, for RM35 million.

“The proposed disposal will unlock the value of and monetise the long-held property investment,” the group said, adding that the proceeds will be largely allocated to finance working capital and to pare down long-term debt.

The disposal is expected to garner RM24 million in proceeds after settling the charge on the property and costs incurred for the sale, Kumpulan Jetson said in a bourse filing.

The group said the sale of the property to TYH Management Sdn Bhd is expected to be completed by the third quarter 2023.

Shares in Kumpulan Jetson ended half a sen or 2.27% lower at 21.5 sen on Thursday (Jan 19), giving the group a market capitalisation of RM57.61 million.

Source: EdgeProp, 20 January 2023

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