Jubilee subsidiary sells plastic manufacturing factory for $1.8m

WE Total Engineering will use the proceeds for its working capital needs.

Jubilee Industries Holdings’ wholly-owned subsidiary, WE Total Engineering, has entered into a sale and purchase agreement for the disposal of its plastic injection moulding business assets for $1.8m.

WTE will use the proceeds for its working capital needs and will conserve them for future use.

The purchaser, MClean Technologies Berhad, is a business in Malaysia and is listed on the ACE Market of Bursa Malaysia Securities Berhad.

Under the agreement, WTE will sell and transfer its plastic business on an ‘as is where is’ basis with all rights, interests and benefits.

As of writing, MClean has already paid $91,835.

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