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KUALA LUMPUR (Jan 23): TSR Capital Bhd is selling its freehold land in Mutiara Damansara, Petaling Jaya measuring 5,078 sq m for RM48.1 million.
The disposal to Inwin Properties Sdn Bhd is expected to result in a loss of RM4.03 million to TSR Capital and its subsidiaries, the group said in a filing with Bursa Malaysia.
TSR Capital said this is the second disposal of property by the group since August 2019, and forms part of its assets rationalisation plan to monetize its investments in property assets.
"The proposed disposal represents an opportunity for the group to dispose the subject land, which the group has no intention to implement any development plan in the near future, at the market value," it said, adding that the sale will also ease the cash flow position of the group.
TSR Capital said the proceeds of the cash sale will be used mainly for repayment of term loan and general working capital.
Barring any unforeseen circumstances, TSR Capital said the disposal is expected to be completed by the second quarter of 2020.
TSR Capital’s share price closed unchanged at 49 sen yesterday, valuing the group at RM85.48 million.
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