Ajiya to dispose Puchong property for RM58mil
KUALA LUMPUR: Ajiya Bhd's subsidiary, Ajiya Safety Glass Sdn Bhd (ASG) has inked a sale and purchase Agreement (SPA) with Esprit Care Sdn Bhd (ECSB) to dispose of a freehold industrial land in Puchong, Selangor for RM58 million.
Ajiya Bhd's subsidiary, Ajiya Safety Glass Sdn Bhd (ASG), has reached a sale and purchase Agreement (SPA) with Esprit Care Sdn Bhd (ECSB) to sell a freehold industrial land in Puchong, Selangor for a whopping RM58 million. This sale comprises a single-story factory and a two-story office located in the Taman Perindustrian Puchong Utama, covering an area of 1.35 hectares and boasting a gross built-up area of 9,839.52 square meters.
The disposal price was determined based on a willing buyer-willing seller premise, factoring in the property's estimated market value of RM40 million, which includes RM27 million for the land and RM13 million for the building, as determined by CBRE WTW Valuation and Advisory Sdn Bhd. This proposed disposal is expected to generate an estimated gross gain of RM25.44 million, considering the reversal of deferred tax liability of RM4.47 million.
The net proceeds from this sale will be utilized to cover working capital needs, finance ongoing business expansion, fund future business activities, and possibly aid in dividend distributions. Ajiya is confident that this disposal will not significantly affect its net assets, financial leverage, earnings, or earnings per share for the financial year concluding on December 31, 2026.
Once all conditions are met, the disposal is anticipated to be finalized in the first quarter of 2027.
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