KUALA LUMPUR (March 5): Acoustech Bhd has disposed of a parcel of leasehold land in Johor for RM6.4 million.

The group said in a bourse filing that its wholly-owned subsidiary Teras Eco Sdn Bhd had entered into a sale and purchase agreement with Pegasus Advance Engineering Sdn Bhd for the disposal of a parcel of land located at Tanjung Surat, Kota Tinggi measuring approximately 3.239 acres.

The land has a tenure of 60 years expiring June 29, 2080.

Acoustech said the proposed disposal will unlock the value of the land, and enable the group to realise an estimated one-off gain of approximately RM1.66 million.

It plans to use the sale proceeds to partly finance its ongoing development projects as well as for working capital purposes.

Shares in Acoustech closed 1 sen or 3.23% higher at 32 sen today, valuing the group at RM97.41 million.