KUALA LUMPUR: Pintaras Jaya Bhd has proposed to get rid of a parcel of freehold industrial land value RM25.28mil in Klang, Selangor to electrical applicance retailer Senheng Electrical (KL) Sdn Bhd.
In a submitting with Bursa Malaysia, the group mentioned the proposed disposal represented a possibility for the group to understand the worth of the land and unlock capital sources.
“This could strengthen the group’s liquidity and monetary place.
“The disposal consideration was arrived at on a prepared purchaser, prepared vendor foundation after considering presents from property brokers over the previous three years which have been decrease than the present disposal consideration of RM25.28mil,” it added.
Each events inked the gross sales and buy settlement (SPA) for the proposed disposal yesterday.
The land measuring 11,744 sq m was acquired on June 30, 2011 with the unique value of funding, together with ancillary bills of RM5.84mil.
In the meantime, Pintaras mentioned the proceeds derived from the proposed disposal can be utilized as working capital for the group.
It famous that the proposed disposal is just not topic to the approval of the shareholders of the group.
Nevertheless, Pintaras mentioned it’s topic to the financial planning unit’s (EPU) consent to be obtained inside three months from the date of the SPA.
“Barring any unexpected circumstances, the proposed disposal is anticipated to be accomplished inside three months from the date of the SPA or one month from the EPU’s consent being obtained by the purchaser or the purchaser’s solicitors, whichever is later,” mentioned Pintaras.
Transferring ahead, the group expects the proposed disposal to contribute positively to the earnings of the group for the monetary 12 months ending June 30, 2022 (FY22).
“Based mostly on the audited consolidated assertion of revenue or loss and different complete earnings of Pintaras for FY21, the proposed disposal is anticipated to generate an estimated web acquire of RM18.8mil earlier than tax.