Fitters Diversified Bhd, a fire protection equipment supplier, is divesting an 8.05-hectare freehold land in Cameron Highlands for RM15 million, with an expected gain on disposal of RM12.35 million.
The strategic move aligns with Fitters' ongoing effort to streamline its assets and redirect resources to more promising areas of its operations.
The proceeds from this sale will bolster the company's working capital and support various operational needs, including settling outstanding obligations to creditors and covering day-to-day expenses.
This action comes after Fitters recently incurred a significant loss due to a bad investment, and the company expects the disposal to be completed by the third quarter of 2024.
Fitters' shares closed unchanged at 3.5 sen today, with a market capitalisation of RM86.91 million.