KUALA LUMPUR (July 19):Multi‐Usage Holdings Bhd’s (MUH) wholly‐owned subsidiary Multi‐Usage Cement Products Sdn Bhd (MUCP) will sell its fixed assets for RM12.5 million to Muda Paper Mills Sdn Bhd, a unit of Muda Holdings Bhd.

MUH said the fixed assets, which include three plots of land in Penang, plant, machinery and motor vehicles, will help rationalise the company’s asset holdings, as it has ceased operations in the manufacturing of cement products due to the coronavirus impact.

“The proceeds from the proposed disposal shall be utilised for working capital purposes and capital requirements of the group," MUH said in a filing to Bursa Malaysia today.

The group said it currently focusing on construction, project management and property development activities.