SkyGate Solutions to dispose of Bayan Lepas factory for RM39.8m

• The asset, originally purchased in April 2017 for RM15.2 million, has a net book value of RM19 million as of Dec 31, 2024.

KUALA LUMPUR (Oct 29): SkyGate Solutions Bhd, formerly known as Ewein Bhd, announced that its subsidiary, SkyGate Integration Sdn Bhd has entered into a conditional sale and purchase agreement (SPA) with Ambu Sdn Bhd for the disposal of its factory building in Bayan Lepas, Penang, for RM39.8 million.

In a bourse filing on Tuesday, the property, located at Plot 1-A, Lintang Kampung Jawa, in the Bayan Lepas Free Industrial Zone, sits on leasehold land measuring 7,308 sq m with a tenure expiring on March 3, 2042. 

The 54-year-old building is currently used for manufacturing activities. The asset, originally purchased in April 2017 for RM15.2 million, has a net book value of RM19 million as of Dec 31, 2024.

SkyGate Solutions said the disposal will allow the group to unlock capital for reinvestment into high-growth projects, strengthening its financial position and supporting future expansion. The company added that the transaction will not materially affect its earnings, net assets, or gearing for the financial year ending Dec 31.

Ambu Sdn Bhd, the purchaser, is a wholly-owned subsidiary of Denmark-based medical technology company Ambu A/S, which is listed on Nasdaq Copenhagen. Incorporated in Malaysia in 1995, Ambu manufactures medical devices for hospitals, clinics, and emergency services.

Under the SPA, the RM39.8 million consideration will be paid in stages, beginning with a 2% earnest deposit and subsequent payments based on specific milestones. The agreement is subject to several conditions, including approval from the Penang Development Corporation and the Penang State Authority, as well as foreign ownership consent under Section 433B of the National Land Code.

Barring unforeseen circumstances, the group is of the view that the disposal is expected to be completed by July 2026.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.