KUALA LUMPUR, July 25 — Able Global Bhd’s (AGB) wholly owned subsidiary Able Dairies Sdn Bhd (ADSB) has entered into agreements with Hond Tat Polymer Sdn Bhd (HTPSB) to sell six freehold industrial lots for cash RM34.68 million.

In a filing with Bursa Malaysia today, AGB said the combined six properties totalled 4.37 hectares (10.79 acres).

The proposed disposal is an opportunity to unlock and realise the value of the land with AGB having an estimated gain of RM3.8 million.

Proceeds from the proposed disposal will be used to repay borrowings incurred for purchase of the land and general working capital.

The proposed disposal will not have any effect on the company’s existing business operations. It will also not affect AGB’s issued share capital or the shareholdings of substantial shareholders, the filing said.

It will also not have any material effect on earnings per share.

The exercise is expected to be completed within 24 months from the date of the agreements, it said. — Bernama