Company suspended its glove-related venture due to the “weak market sentiment” in the industry.
Hong Seng Consolidated Bhd’s unit has cancelled the sub-lease of the land at Prai Bulk Cargo Terminal intended for an integrated logistics services project with Penang Port Sdn Bhd.
In a filing with Bursa Malaysia today, the group announced its agreement to cancel the sub-lease of the land originally intended for an integrated logistics services project with PPSB. HS Petchem received a notice from PPSB yesterday to terminate the letter of offer and associated sub-lease agreement.
“These strategic moves were taken after considering the financial challenges, market uncertainties, risk mitigation and potential opportunities and with the objective of minimising further costs, ensuring financial stability, and reallocating resources to explore alternative growth prospects,” it added.
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