T7 Global To Dispose Of Property In Birmingham

KUALA LUMPUR, Jan 15 (Bernama) – T7 Global Bhd, an upstream and downstream oil and gas service provider, has obtained shareholders' approval to dispose of its property in Birmingham for £5.75 million (£1 = RM5.44) cash. In a statement Monday, T7 Global said, the proceeds from the disposal would be used to finance working capital for projects and general working capital of the group. It said the exercise was in line with the group’s current corporate planning to focus on current business and new ventures. Its Chairman, Nik Norzul Thani Nik Hassan Thani said the the proceeds from this disposal would enable the company to strengthen its liquidity and cashflow and allow it to use the future cashflow for its coming capital expenditure. "We believe in the potential of T7 Global and look forward to playing our role to drive its growth and create value for shareholders," he said. He said the group was also optimistic it would deliver another good year following the encouraging fourth-quarter results for the current financial year ended Dec 31, 2017. Moving forward, T7 Global said, it would continue to focus on core earnings drivers and keep its eyes on the group’s long-term objectives, he said. -- BERNAMA