Unitrade to sell industrial land in Glenmarie for RM19m

• “The proposed disposal is expected to result in a net gain of approximately RM14.9 million."

KUALA LUMPUR (July 11): Home-grown building materials wholesaler Unitrade Industries Bhd has proposed to sell a piece of freehold industrial land in Bandar Glenmarie, Shah Alam for RM19.4 million.

The 4,794 square metres land, which comes together with a single-storey detached factory annexed with a three-storey office building, is being sold to Conway Terminals Manufacturer Sdn Bhd, said Unitrade in a filing with Bursa Malaysia.

The group said the original cost of the land’s investment was RM3.83 million, with a net book value of RM2.38 million as of March 31, 2022.

“The proposed disposal is expected to result in a net gain of approximately RM14.9 million and will contribute positively to the net asset value per share, earnings per share and gearing of Unitrade,” it added.

Unitrade intends to utilise RM12.25 million of the sale proceeds to repay its borrowings, and RM5 million for capital expenditure for the centralised labour quarters, with the remaining RM2.15 million being estimated expenses relating to the disposal.

The group expects the sale to be completed by the fourth quarter of 2023.