PETALING JAYA: Plastic packaging manufacturer and supplier CYL Corp Bhd is proposing to diversify its business to include property development.
In a filing with Bursa Malaysia, CYL said the property development business is to be undertaken through CYL Group’s wholly-owned subsidiary, CYL Land Sdn Bhd, by undertaking a property development project on vacant freehold industrial land measuring 1.28 acres near the group’s main factory.
“The board anticipates that, barring any unforeseen circumstances, the property development business will potentially contribute 25% or more of the net profit of CYL Group and/or result in a diversion of more than 25% of the net assets of the company.”
CYL said it has mainly relied on the plastic packaging business since its incorporation in 1980.