KUALA LUMPUR: Atta Global Group Bhd’s wholly-owned sub-subsidiary, Sparkle Gateway Sdn Bhd, is selling a property in Penang at a loss for RM18.1 mil to ISEC (Penang) Sdn Bhd.
In a filing to Bursa Malaysia, the property developer and steel furniture maker described the property as a commercial parcel of 1,590.9 sq m.
“The proposed disposal is undertaken for the purpose of focusing on the mega projects that are anticipated to be more promising and maximising the return on investment to the company.
“It will also ensure that the resources of the company are fully utilised in the most effective manner,” it said.
Atta Global estimates the loss at about RM81,000 to the group, after taking into consideration the estimated expenses of RM181,000 in the exercise.
The company said the proceeds from the proposed disposal will be used for working capital and business expansion.
It added that the exercise was not expected to have any material effect on the issued share capital and substantial shareholders’ shareholdings for the financial year ending March 31, 2020, but is expected to have financial effects on the earnings per share, net assets per share and gearing arising from the expected loss. – Jan 16, 2020 Bernama
