KUALA LUMPUR (Oct 16): PMB Technology Bhd is disposing of a 56,656 sq m leasehold land in Klang for RM36.59 million.

"The proposed disposal will enable the group to unlock capital resources from being tied up in long-term assets, and realise the property at a fair market value, while enhancing the group’s liquidity and strengthening its financial position," the group said in a filing with Bursa Malaysia.

Following the disposal of the land to Ong Saut Mee, a Malaysian citizen, the group is expected to have a one-off net gain of RM25.75 million, said PMB Technology.

The group has proposed to use the proceeds largely to finance its working capital.

“Barring any unforeseen circumstances, the proposed disposal is expected to be completed by the first quarter of calendar year 2024,” it added.

Shares in PMB Technology ended two sen or 0.66% lower at RM2.99 on Monday, giving it a market capitalisation of RM4.86 billion.