KUALA LUMPUR (April 30): Eng Kah Corp Bhd has announced the disposal of its vacant freehold land in Negeri Sembilan for RM9.37 million to Kian Hoo Canpack Sdn Bhd.

In a filing with the local stock exchange today, Eng Kah said its subsidiary Eng Kah Enterprise Sdn Bhd (EKE) had entered into a sale and purchase agreement to dispose of the land and the group expects to have a gain of approximately RM8 million.

The land was purchased by EKE on June 13, 2000 at RM1.24 million.

Measuring approximately 11,774 sq m, Eng Kah said the gain from the disposal will be utilised as working capital for the group’s business activities.

Barring any unforeseen circumstances, the disposal is expected to be completed by the third quarter of 2018.

Eng Kah’s shares were last traded at RM1.39 apiece on April 15, giving it a market capitalisation of RM98.35 million. Eng Kah through its subsidiaries mainly manufactures perfumes, cosmetics, skin care, toiletry and household products.