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KUALA LUMPUR (April 19): Property developer Yong Tai Bhd said yesterday it is considering disposing of its ailing textile and garment business in the near future.
This is in line with the company's plans to diversify its core business to tourism and cultural related property development, it added.
However, Yong Tai noted it has not entered into any formal negotiation or agreement with any third party recently to dispose of the loss-making textile and garment business held by its wholly-owned subsidiary Syarikat Koon Fuat Industries Sdn Bhd.
It was responding to an article entitled Yong Tai expects to exit garment business by June in The Edge Financial Daily on Monday, which stated the company was in talks with the previous owner of Syarikat Koon Fuat Industries to dispose of the unit.
Yong Tai shares closed up 4 sen or 2.63% at RM1.56 yesterday for a market capitalisation of RM679.6 million. — theedgemarkets.com
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