Yongnam Holdings to sell Malaysian plant for $60m

The deal will be completed before the end of 2014.

Mainboard-listed Yongnam Holdings today revealed that its subsidiary Yongnam Malaysia has entered into a sale and purchase agreement to sell a plant in Johor for a total cash consideration of $60m (RM153.5 million).

The purchaser is RHB Trustees Berhad in its capacity as trustee for Axis Real Estate Investment Trust, a real estate investment trust listed on the Bursa Malaysia.

 Upon the sale transaction, Yongnam Malaysia will remain as the tenant of the property for a term of 15 years pursuant to the concurrent execution of a lease agreement.

Yongnam Malaysia and the purchaser aim to complete the Sale Transaction on or before the end of the year.