GIIB Holdings Bhd has proposed to sell a parcel of industrial land in the district of Kota Kinabalu, Sabah, for RM14 million in light of the volatile property market and uncertain economic conditions.
In an exchange filing yesterday, Nilai-based company said its wholly-owned subsidiary Big Wheel Green Tyres Sdn Bhd has signed a sale and purchase agreement with Kozai Realties Sdn Bhd for the Tuaran Land situated within the area commonly known as Inanam Industrial Area.
It said the land was initially planned to be developed into an industrial park.
As part of the continuous effort to grow the rubber business, it said the Tuaran Land was identified as potential for disposal to raise funds for the group’s working capital.
“ In light of the volatile property market and uncertain economic conditions, the management has decided to dispose of the Tuaran Land and to focus on the rubber business since 2019,” it said.
Kozai Realties is principally engaged in the business of wholesale of metal and steel products.
GIIB develops, manufactures and markets rubber and rubber-related compounds such as technical, retread, and tyre compounds; and tyre retreading services. Its counter was trading at 9.5sen at 11.30am today. – TMR / pic TMR File