KUALA LUMPUR (Oct 9): Astral Asia Bhd has disposed of a piece of commercial land in Kuala Lumpur for RM12.1 million.

The company told Bursa Malaysia that its wholly owned subsidiary Tasja Sdn Bhd had entered into a sale and purchase agreement and construction agreement with Cosmic Gate Sdn Bhd to dispose of the freehold parcel, which measures around 813.1 sq m.

The disposal will realise a gain of RM1.31 million.

“The proposed disposal provides immediate cash flow which can be channelled towards the company’s business operations for its working capital and reduce the company’s bank borrowing,” said Astral Asia.

At market close, Astral Asia was up 1 sen or 4% to 13 sen, with a market cap of RM85.8 million.