Avarga to Sell Malaysia Paper Business Property for MYR91 Million

MT Newswires

02/03

Avarga (SGX:U09) is selling land and buildings used for its paper manufacturing business in Malaysia for a total of 91.0 million ringgit, following the unit's closure, according to a Friday filing on the Singapore Exchange.

The company's subsidiary, UPP Pulp & Paper, has accepted two offers from Ideal Quality, a subsidiary of Kossan Rubber Industries.

The assets include a 29.45-acre industrial site and two agricultural land parcels in Selangor. The sale is expected to generate a gain of SG$14.1 million.

Net proceeds of SG$24 million will go toward closure costs and debt repayment.

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