KUALA LUMPUR (Nov 22): Glomac Bhd’s wholly-owned subsidiary, Glomac Alliance Sdn Bhd, has entered into a sale and purchase agreement with Glomac Al Batha Sdn Bhd to dispose a piece of land measuring approximately 6.21 hectares in Puchong, Selangor, for RM127.04 million.

In a filing with Bursa Malaysia today, Glomac said the proposed disposal is intended to facilitate future development of land banks held under the Glomac group of companies.

“Net proceeds from the proposed disposal are to be expected to be utilised for Glomac Alliance’s working capital needs and the repayment of outstanding intercompany and bank borrowings,” it said.