United Malacca to dispose of Niro Ceramic

KUALA LUMPUR: United Malacca Bhd is disposing of its entire 25.05 per cent stake in Niro Ceramic (M) Sdn Bhd for RM36.31 million to Eng Lian Enterprise Sdn Bhd and Eng Lian Development Sdn Bhd. The company said the disposal is expected to result in an estimated gain of RM7.91 million and this will allow it to focus on its core plantation-related business. "The disposal consideration is expected to be utilised by the group for the working capital requirements of its plantation-related business operations and is expected to be fully utilised within 12 months from the completion of the disposal," it told Bursa Malaysia.