Casa Holdings C04 announced that its joint venture company (JVCo), VMD Development, which was jointly incorporated by its wholly owned subsidiary, Casa Property Holdings together with VMD, has on Sept 20 disposed three pieces of vacant land for a consideration of RM32.7 million ($9.5 million).
The purchaser is Mohm Chemical, a Malaysia-based company that is in the business of manufacturing and dealing of chemical products, sealants and special adhesive products.
The three parcels of land are located in Johor, Malaysia. The three industrial lands have areas measuring about 3.97 hectares, 2.62 hectares and 1.99 hectares respectively.
Casa Holdings will receive gross proceeds of RM16.3 million, representing 50% of the consideration. The board presently intends to utilise the proceeds for strategic investments, funding operation, funding the expansion of our product range, building new brands and entering new markets.
Shares in Casa Holdings C04 closed at 8.5 cents on Sept 20.
