KUALA LUMPUR (Jan 5): Glomac Bhd (KL:GLOMAC) is disposing of two parcels of leasehold land in Puchong, Selangor, to Sunway Bhd’s (KL:SUNWAY) property arm for RM97.3 million, with the proceeds to be used to repay borrowings.
In a bourse filing on Monday (Jan 5), the property developer said its subsidiary Glomac Al Batha Sdn Bhd had entered into two separate sale and purchase agreements with Sunway Kiara Sdn Bhd for the proposed disposal. Sunway Kiara is wholly owned by Sunway City Sdn Bhd, the property arm of Sunway.
The two vacant industrial plots, with a combined land area of 27,397 sq m, are located in Pekan Desa Puchong.
Glomac said the proposed disposal provides an opportunity for the group to unlock the value of its properties while allowing it to utilise the proceeds to repay existing borrowings and reduce ongoing interest expenses.
The disposal is expected to result in a net gain of about RM28.7 million for Glomac, based on the properties’ net book value of RM78.2 million as at the financial year ended April 30, 2025.
The RM97.3 million consideration was agreed in reference to the land’s indicative market value of RM100 million as appraised by an independent valuer on Dec 29, 2025, the company said.
Completion of the disposal is expected by the third quarter of 2027.
Shares in Glomac fell one sen or 2.9% to 33 sen ahead of the announcement, valuing the company at RM264 million.
2026-01-06T01:05:00Z