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KUALA LUMPUR: Abric Bhd is disposing of a property in Petaling Jaya for RM20.8 million cash, in line with the group’s objective of unlocking the values of assets not currently used in its core business of security seals.
The company told Bursa Malaysia yesterday its wholly owned Abric Properties Sdn Bhd had signed a sale and purchase agreement with a unit of GD Express Carrier Bhd for the disposal of the property.
The property, a 10,092-sq m industrial plot with office, factory and storage buildings, was being tenanted by GD Express, Abric said.
“The group earned rental income of approximately RM1.2 million per annum, whilst annual repayment to RHB Islamic Bhd is approximately RM2 million per annum,” it added.
The company said its original cost of investment in the property was RM15.3 million in April 1997 and subsequently it invested RM8.8 million in improvement work. The net book value of the property as at Dec 31, 2005 was RM21.2 million.
“Under FRS 140, the fair value of the property as at Dec 31, 2008 was RM25 million,” it said. “As such, the proposed disposal is expected to result in a net loss on disposal of RM4.4 million, after taking into account the estimated expenses of approximately RM200,000 relating to the proposed disposal.”
The company told Bursa Malaysia yesterday its wholly owned Abric Properties Sdn Bhd had signed a sale and purchase agreement with a unit of GD Express Carrier Bhd for the disposal of the property.
The property, a 10,092-sq m industrial plot with office, factory and storage buildings, was being tenanted by GD Express, Abric said.
“The group earned rental income of approximately RM1.2 million per annum, whilst annual repayment to RHB Islamic Bhd is approximately RM2 million per annum,” it added.
The company said its original cost of investment in the property was RM15.3 million in April 1997 and subsequently it invested RM8.8 million in improvement work. The net book value of the property as at Dec 31, 2005 was RM21.2 million.
“Under FRS 140, the fair value of the property as at Dec 31, 2008 was RM25 million,” it said. “As such, the proposed disposal is expected to result in a net loss on disposal of RM4.4 million, after taking into account the estimated expenses of approximately RM200,000 relating to the proposed disposal.”
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