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- The property, comprising a double-storey factory and single-storey office, is being sold by its wholly owned subsidiary Berjayapak Sdn Bhd to General Point Asset Sdn Bhd.
KUALA LUMPUR (Oct 31): Industrial packaging firm L&P Global Bhd (KL:L&PBHD) is disposing of a leasehold industrial property in Kulim, Kedah, for RM13.88 million cash, to unlock the value of the underutilised property and redeploy capital.
The property, comprising a double-storey factory and single-storey office, is being sold by its wholly owned subsidiary Berjayapak Sdn Bhd to General Point Asset Sdn Bhd, its bourse filing on Friday showed.
Measuring about 11,171 sq m, the property is currently charged to CIMB Islamic Bank Bhd and carries a 60-year leasehold tenure expiring in 2064.
L&P said the disposal is expected to generate a gain of about RM3.61 million, after accounting for the property’s net book value of RM9.14 million and related expenses.
Proceeds from the sale will be used to enhance the group’s liquidity and fund working capital, thereby strengthening its financial position and supporting future growth initiatives. The sale should be completed within three months once all conditions are met.
As at June 30, 2025, L&P had cash and bank balances of RM38.03 million and total borrowings of RM26.15 million, with a net gearing ratio of about 0.25 times based on total equity of RM103.9 million.
Shares of L&P closed unchanged at 11.5 sen on Friday, with a market capitalisation of RM64.49 million. Year to date, the counter has fallen more than 55%.
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.
