Ajiya's subsidiary sells Thai property for RM26.8mil

KUALA LUMPUR: Ajiya Bhd’s 99.99% owned subsidiary Thai Ajiya Safety Glass Co Ltd (TASG) has disposed of a piece of freehold land and property in Thailand for RM26.79mil.

In a filing with Bursa Malaysia, Ajiya said TASG entered into a sale and purchase agreement (SPA) with Atlan (Thailand) Co Ltd for the disposal of a 13,544 square metres land, together with a three storey office building and a factory erected thereon including furniture fitting, overhead crane transformer, other facilities and improvements in Amata City Chonburi Industrial Estate, Thailand.

Ajiya said the proceed from the disposal will be utilised to upgrade and replace the glass division’s aging key and supporting machines to produce safety glass.

“This will improve and increase our output efficiency, addressing the limitations of our current aging 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.

Ajiya said the Disposal offered an opportunity to improve liquidity and strengthen the group’s financial position, allowing for resource onsolidation and providing working capital for its future endeavours.