VTI Vintage Bhd has proposed to dispose of idle property in Sabah, owned by its unit Vintage Tiles Industries (EM) Sdn Bhd (VTIEM) for RM2-15 million, to settle credit facilities-
The sale proceeds will be utilised to settle the banking facility of RM2 million due to AmBank (M) Bhd and AmIslamic Bank Bhd, it said-
The balance of RM150,000 will be set aside for settlement under a proposed restructuring scheme, it said in a filing to Bursa Malaysia-
The estimated timeframe for full utilisation of the proceeds is three months after VTIEM receives it, VTI Vintage said-
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