Lion Industries Corp Bhd’s proposed RM92.03 million land disposal announced on Sunday has raised questions from Bursa Securities.

Axis Real Estate Investment Trust (Axis REIT) is suing a former tenant at Axis Steel Centre @ SiLC in Nusajaya, Johor to recover unexpired future rental payments amounting to RM105.4 million.

Noteworthy:

• Freehold
• Built-up size: 5,575 sq ft
• Land size:  4,800 sq ft
• 4 bedrooms, 4 bathrooms
• Semi-furnished
• Nearby amenities: Convenience stores, F&B outlets, IOI City Mall, Alamanda Shopping Centre
• Accessibility: Kajang SILK highway, Kajang-Seremban highway, EKVE highway

When: June 2023

The sale consideration is at a 4% premium to its valuation of RM50 million at end-July. 

The minister said the Act is crucial to ensure systematic, well-planned and efficient urban renewal developments that will boost Malaysia’s economy.

KIP REIT is purchasing the land piece together with the one-and-a-half storey commercial centre from Cahaya Serijaya Sdn Bhd.

Under the partnership, ENGIE Services Malaysia and Gamuda Land will collaborate on the exploration and implementation of solar technologies, energy efficiency, and sustainable transportation solutions in Gamuda Land’s townships.

The project entails 22- and 23-storey towers that will consist 661 units of serviced apartments, 48 units of retail and 114 units of office space.

According to a prior filing, Renofajar received a winding-up order dated August 4 issued by the High Court of Sabah and Sarawak on Aug 28.

The placement involves the issuance of up to 110.07 million new shares, representing not more than 20% of the group’s issued share capital, to independent investors to be identified later.