Tafi disposes of Johor land for RM24mil

PETALING JAYA: Tafi Industries Bhd is disposing of a piece of freehold land measuring 2.074 hectares in Muar, Johor to Bripanel Industries Sdn Bhd for RM23.5mil.

In a filing with Bursa Malaysia, the furniture manufacturing, property development, and construction firm said the land has a factory building erected thereon.

“Tafi group had decided to dispose of the said property and discontinue its own loss-making furniture manufacturing activities. The group will still be involved in the furniture business, if any, by utilising other suppliers and manufacturers.”

Tafi said the disposal of the property and discontinuation of the group’s own loss-making furniture manufacturing activities is expected to contribute positively towards the group’s cashflows.

“The group will also concentrate on growing its profitable property development and construction businesses to further enhance the group’s profitability and increase the earning per share of the group.

“Hence, the board of directors is of the view that the disposal is in the best interest of the group.”