Friday August 3, 2012
Haisan Resources plans RM50mil asset sales
PETALING JAYA: Haisan Resources Bhd plans to sell a China-based subsidiary as well as seven parcels of leasehold industrial land and buildings in Port Klang, Selangor, in deals worth a combined RM49.7mil cash.
The PN 17 company told Bursa Malaysia that on Aug 2, it had accepted a 30 million yuan (RM14.7mil) offer from Asia Logistics Ltd for its wholly-owned subsidiary Iglo (Guangzhou) Co Ltd (Iglo GZ), as well as a RM35mil offer from Global Fund Investment (UK) Ltd (GFI) for the properties in Port Klang.
Proceeds from the sale of Iglo GZ will be used to partially repay borrowings, while Haisan plans to lease back the properties in Port Klang from GFI.
“The board expects that the lease rental would be lower than the interest expense to be incurred on restructured borrowings.”
The company said the proposals were subjected to approvals from its shareholders.