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Far East Group subsidiary to sell Selangor factory property for $3.8 mil

Stanislaus Jude Chan Published on Wed, Dec 13, 2017 / 7:00 PM GMT+8

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SINGAPORE (Dec 13): Refrigeration and air-conditioning systems manufacturer Far East Group announced Wednesday that wholly-owned subsidiary Far East Maju Engineering Works has accepted a letter of offer to sell its factory property in Selangor, Malaysia for RM 11.5 million ($3.8 million).

Currently used as a warehouse, the property includes a single storey factory building, a double storey office building, and a piece of freehold industrial land spanning 4,485 sqm.

The proposed disposal is expected to result in a gain on disposal of approximately $2.5 million after deducting estimated related expenses, which will help the group strengthen its financial position.