Share
- The building is about 28 years old and stands on land measuring 1,607.73 sq m.
PETALING JAYA (April 29): Widad Group Bhd’s wholly-owned subsidiary Widad Builders Sdn Bhd is selling a 12-storey office building in Damansara Heights, Kuala Lumpur, to Richfield Builder (M) Sdn Bhd for RM41.5 million cash to reduce borrowings.
Richfield Builder is a wholly-owned subsidiary of Dhaya Maju Infrastructure (Asia) Sdn Bhd.
According to its exchange filing, the property, which includes six levels of elevated parking, sits on leasehold land expiring on Jan 30, 2073. The building is about 28 years old and stands on land measuring 1,607.73 sq m.
As of Dec 31, 2023, the property's audited net book value was RM39.69 million. Widad expects to book a loss of about RM1.2 million from the sale, which will reduce its net tangible assets.
Proceeds from the disposal will be used to fully settle borrowings tied to the property and for working capital purposes. Widad said the disposal will help improve its gearing by cutting borrowings by RM40 million.
“The disposal represents an opportunity for the group to improve its financial performance by reducing finance costs, depreciation and enhancing cash flow,” Widad said in a statement.
Want to have a more personalised and easier house hunting experience? Get the EdgeProp Malaysia App now.
hero.jpg?GPem8xdIFjEDnmfAHjnS.4wbzvW8BrWw)
TOP PICKS BY EDGEPROP
Bandar Mahkota Banting (Brooklands)
Banting, Selangor
Bandar Mahkota Banting (Brooklands)
Banting, Selangor
Bandar Mahkota Banting (Brooklands)
Banting, Selangor
Bandar Mahkota Banting (Brooklands)
Banting, Selangor
ARA SENDAYAN @ BANDAR SRI SENDAYAN
Seremban, Negeri Sembilan
Bukit Jalil Residensi
Bukit Jalil, Kuala Lumpur
