SGX:51O

MSM International Shelves Factory Project, Agrees to MYR19 Million Land Sale

MSM International (SGX:51O) subsidiary, MSM Metal Industries, has terminated its planned development and sale of two factory units in Selangor, Malaysia, and will instead dispose of the undeveloped land for 19 million ringgit.The subsidiary entered into mutual deeds of revocation to terminate a 15 million ringgit construction agreement with Plustech Engineering and Construction, as well as an 18 million ringgit factory sale agreement with Pusat Pakaian Hari-Hari.Under the new agreement, MSM Metal will sell the undeveloped land directly to Pusat Pakaian Hari-Hari for 19 million ringgit. The group expects to record an estimated gain of approximately 10.7 million ringgit from the sale.