Fiamma's unit to dispose of agriculture land for RM39m

TheEdge Tue, Dec 17, 2019 01:44pm - 4 years View Original


KUALA LUMPUR (Dec 17): Fiamma Holdings Bhd’s wholly-owned unit, Oaksvilla Sdn Bhd, has entered into a sale and purchase agreement with Amber Land Bhd to dispose of 18 parcels of its leasehold agriculture land in Kota Tinggi, Johor for RM39.21 million.

In a filing to Bursa Malaysia today, Fiamma said the proposed disposal will enable the company to realise the value of the land, which has been vacant and unused.

“The proceeds from the proposed disposal will be used as working capital for Fiamma’s business operations, thus improving liquidity,” it said.

It added that the proposed disposal is expected to be completed by April next year.

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