Tomypak to sell non-core land, factory assets in Senai for RM31m

• The 4.14-hectare land, together with factory buildings, represent part of the group's idle and non-core assets, and so proceeds from the disposal will provide a surplus cash flow for the group, said Tomypak in a filing with Bursa Malaysia on Friday.

KUALA LUMPUR (Aug 23): Flexible packaging materials manufacturer Tomypak Holdings Bhd (KL:TOMYPAK) said it is disposing of a property in Senai, Johor for RM31 million, cash, as it seeks to realise the value of its investment in non-core assets.

The 4.14-hectare land, together with factory buildings, represent part of the group's idle and non-core assets, and so proceeds from the disposal will provide a surplus cash flow for the group, said Tomypak in a filing with Bursa Malaysia on Friday.

The group said its wholly-owned subsidiary Tomypak Flexible Packaging Sdn Bhd has entered into a sale and purchase agreement with Goldcoin Victory Sdn Bhd for the proposed disposal. Goldcoin's principal activity is the buying, selling, renting and operating of self-owned or leased real estate of non-residential buildings.

Tomypak expects the disposal to be completed by the fourth quarter of this year.

Shares of Tomypak closed unchanged at 33 sen on Friday, giving the group a market capitalisation of RM140.05 million.

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