Equine Capital to sell land to Safetags

EQUINE Capital Bhd (ECB) plans to sell 6.04 acres of leasehold land Petaling, Selangor to Safetags Solution Sdn Bhd, a subsidiary of Titijaya Group, for RM19.6 million.

It will use proceeds from the proposed disposal repay bank borrowings and for working capital.

ECB had planned to develop the land into a commercial centre with transportation hub within its Pusat Bandar Putra Permai township.

“The project was launched in 2007 but was shelved in 2009 for the lack of response to sales,” ECB said in a filing to Bursa Malaysia yesterday.

By Business Times