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- The two parcels are located in Hamilton Industrial Park with a combined area of 15.8 acres.
KUALA LUMPUR (Aug 5): Metal roofing and safety glass maker Ajiya Bhd (KL:AJIYA) is disposing of two industrial land parcels in Nilai, Negeri Sembilan, for a total of RM51.94 million as part of its strategy to monetise non-core assets and strengthen its financial position.
Ajiya said its wholly owned subsidiaries Ajiya Safety Glass Sdn Bhd and Asia Roofing Industries Sdn Bhd have entered into two separate sale and purchase agreements (SPAs) for the land disposals, according to the company’s filing on Monday.
The two parcels are located in Hamilton Industrial Park with a combined area of 15.8 acres. The properties are currently held under Sime Darby Property (Nilai) Sdn Bhd pending title transfer.
Under the first transaction, Ajiya Safety sold a 9.135-acre parcel to Kumkang Kind (M) Sdn Bhd for RM29.76 million cash. The second parcel, a 6.7-acre parcel, was sold to H H Hardware Sdn Bhd by Asia Roofing for RM22.18 million cash.
The sale prices exceed the respective market valuations of RM27.9 million and RM20.4 million as assessed by CBRE WTW Valuation & Advisory Sdn Bhd.
“The proceeds from the disposals will enhance the group’s liquidity position and strengthen its financial flexibility, enabling the group to meet its working capital requirements and support its strategic business expansion plans,” it said.
The group also plans to use the proceeds over the next 24 months for working capital and business development, although exact allocations have not been determined.
Ajiya expects to recognise an estimated gross pro forma gain of RM2.86 million from the first property and RM2.51 million from the second. The disposal is scheduled to be completed by the fourth quarter of 2025.
Ajiya’s share price remained two sen or 1.16% higher at RM1.75 as at late morning on Tuesday, valuing the group at RM533 million. The counter has risen 25% year-to-date.
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