KUALA LUMPUR: YLI Holdings Bhd
said its wholly-owned subsidiary Yew Lean Foundry & Co Sdn Bhd has agreed to dispose of a 12,226.252 sqm parcel of leasehold industrial land in Seberang Perai Tengah, Penang Island for RM18mil to Hong Kuan Metals Recycle Sdn Bhd.
In a filing with Bursa Malaysia, the group said the disposal will provide it with working capital as well as bring down the gearing ratio of the group and cost of bank borrowings.
"It will improve the financial performance and reserves of YLI Group," it said.
The disposal is expected to generate the group a gain of about RM1.5mil minus the valuation of the property, estimated expenses and tax.
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