KUALA LUMPUR (Feb 4): Senheng New Retail Bhd (KL:SENHENG) is disposing of a piece of freehold industrial vacant land in Tebrau, Johor, measuring 1.041ha for RM11.21 million cash.

The consumer electrical and electronic products retailer said the property has increased in value since it was acquired at a cost of RM7.69 million in 2018.

"The proceeds arising from the proposed disposal will be allocated for general working capital purposes," Senheng added in a filing with Bursa Malaysia.

The land is being sold to Mactree Sdn Bhd, a private limited company involved in real estate and building construction.

Shares of Senheng ended Tuesday down 0.5 sen or 1.96% at 25 sen, with a market capitalisation of RM375 million.