KUALA LUMPUR (March 3): Econpile Holdings Bhd has disposed of a piece of freehold land for RM5 million to streamline its subsidiaries’ principal activities and unlock the value of the property through future development.
Econpile said the land sale by its wholly-owned unit to another of its subsidiaries, Tropical Broadway Sdn Bhd, would see its value unlocked through development by the latter.
Tropical Broadway is currently dormant and its intended business activity is property development, it said in a bourse filing today.
Econpile rose two sen or 0.96% to close at RM2.10 yesterday for a market capitalisation of RM1.1 billion. — theedgemarkets.com