Karyon Industries Bhd is selling a piece of vacant freehold industrial land to Parit Yusof Oil Mill Sdn Bhd for about RM4.72 million. Its wholly-owned subsidiary Hsing Lung Sdn Bhd, had entered into a sale and purchase agreement with Parit Yusof for the disposal of the property.

The proposed disposal represents an opportunity for the company to unlock the value of assets that do not contribute towards the core business of Karyon and its subsidiaries, as the land is currently not in use.

The gross proceeds of RM4.4 million will be used for working capital and for the estimated expenses in relation to the proposed disposal.