KUALA LUMPUR, Jan 22 (Bernama) -- TSR Capital Bhd is selling a 5,078-sq metre land in Mutiara Damansara, Selangor, to Taiwanese-owned Inwin Properties Sdn Bhd for RM48.1 million as it seeks to improve its cash flow position.
The TSR group is expected to incur a pro forma loss of RM4.03 million from this proposed disposal by its wholly-owned subsidiary TSR Mutiara Sdn Bhd, it said in a filing with Bursa Malaysia today.
The construction and property development group said the proposed sale is part of the group’s asset rationalisation to monetise its investment in the property assets which it had no intention to develop further.
Of the proceeds, RM17.07 million will be used to repay a term loan and RM27.0 million is earmarked as general working capital, TSR said.
The proposed disposal, subject to the company's shareholders’ approval, is expected to be completed by the second quarter of 2020.
The TSR group posted a net loss of RM25.90 million for the financial year ended June 30, 2019.
TSR Capital, TSR Mutiara, Property, Inwin Properties, Land disposal