Window coverings manufacturer and retailer Kresta has completed the sale of a factory unit in Malaga for $3.8 million.
Kresta said $3.1 million of the proceeds from the sale of 391 Victoria Road had been applied to reduce bank debts, while the remaining $700,000 will provide additional working capital.
“The factory unit was surplus to the company’s needs due to the recent rationalisation of manufacturing operations in Malaga,” the company said in a statement.
The company said a further sale of surplus factory units at 38 Mulgul Road is scheduled for settlement February 1.
Kresta said $1.1 million of the $2.3 million proceeds from that sale would be applied to reducing its bank debts.
At 12:35PM, WST, Kresta shares were steady at 17 cents, having been lightly traded.
