Monday 16 Dec 2024
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KUALA LUMPUR (May 13): Building materials maker Ajiya Bhd (KL:AJIYA) said its Thai unit is disposing of a 13,544 sq m land in Thailand's Chonburi province, together with office buildings and a factory, for RM26.79 million.

Thai Ajiya Safety Glass Co Ltd (TASG), owned-99.99% by Ajiya, is selling the assets to Atlan (Thailand) Co Ltd, said Ajiya in a bourse filing on Monday.

TASG, which manufactures safety glass and related products, acquired the property in October 2010. As at end-November 2023, the total cost of investment stood at RM20.36 million, with its net book value of RM16.93 million, the group said

Ajiya said the proceeds from the disposal would be used to upgrade and replace TASG’s glass division’s ageing key and supporting machines for producing safety glass.

“This will improve and increase our output efficiency, addressing the limitations of our current ageing machines. The proceeds will enable Ajiya Group to channel Ajiya’s resources into other business activities that are anticipated to be more promising,” it said.

Shares in Ajiya settled unchanged at RM1.49 on Monday, valuing the group at RM453.83 million.

Edited ByS Kanagaraju
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