Share
KUALA LUMPUR (Jan 17): ATTA Global Group Bhd is disposing of its property in Penang comprising a 16-year-old building on a piece of 1,591 sq m land for RM18.1 million.
In a filing with Bursa Malaysia, the steel products maker said the sale to ISEC (Penang) Sdn Bhd is expected to result in an estimated loss of RM81,000 to the group, after taking into consideration the estimated expenses of RM181,000 for the disposal.
ATTA Global said it is undertaking the disposal of the property on Jalan Larut, Georgetown to focus on its other projects.
“The proposed disposal is undertaken for the purpose of focusing on the mega projects that are anticipated to be more promising and maximizing the return on investment to the company. It will ensure that the resources of the company are fully utilized in the most effective manner,” it said.
Barring any unforeseen circumstances, ATTA Global said the disposal is estimated to be completed within three months.
Shares of ATTA Global closed up 1 sen or 2.3% at 44.5 sen with a market capitalisation of RM92.94 million.
