PETALING JAYA: Farmiera Bhd

is proposing to dispose of a piece of freehold land together with buildings erected thereon, measuring approximately 20,234 sq metres in Kuala Langat, Selangor, to PCL Property Management Sdn Bhd for RM5mil.

In a filing with Bursa Malaysia, Farmiera said the property was initially acquired on June 30, 2019 with the intention of venturing into feedmill operations.

“Notwithstanding that, in line with the group’s business strategies and future plans as disclosed in the initial public offering prospectus, the group has strategically prioritised its vertical integration initiatives, comprising upstream expansion into breeder farm operations and expansion in its existing downstream poultry processing operations.

“As the property is no longer required for its earmarked purpose, the disposal enables Farmiera Group to unlock and realise the value of non-core property assets and relocate the capital towards core business operations, improving financial flexibility in funding expansion requirements, meet working capital requirements and support day-to-day operational needs.”