KUALA LUMPUR : Pensonic Holdings Bhd is selling its commercial property in Petaling Jaya for RM19.5 million cash.
Pensonic said that part of the sale proceeds will be used to repay borrowings (RM10 million) whilst the other remaining RM9.2 million will be used for working capital.
Pensonic’s wholly-owned unit, Pensonic Sales & Service Sdn Bhd (PSS) has signed the sale and purchase agreement with the buyer, Chua Trading Company Sdn Bhd.
The property was initially acquired by Pensonic in 1997 for RM11.33 million. The market value of the asset raised up to RM18.8 million as of Aug 2018.