PETALING JAYA: Media Chinese International Ltd is disposing of a piece of land and a single-storey industrial building erected thereon in Ontario, Canada to Cyclone Range Hoods Inc for RM28.65mil.
In a filing with Bursa Malaysia, the Chinese-language media group said the disposal is in view of the group ceasing its media operations in Canada with effect from Feb 1, 2026. “In view of the fact that there is no media operation of the group requiring the use of the property, the directors believe that the disposal represents a good opportunity to cash out from selling the property in Canada and reallocate its financial resources to other business needs.
“In light of the above, the directors believe that the terms of the sale and purchase agreement are on normal commercial terms, fair and reasonable and in the interests of the company and the shareholders as a whole.” The company said the net proceeds from the disposal will be used for general working capital of the group within twelve months from the date of completion of the disposal.