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KUALA LUMPUR (March 20): Maybulk Bhd (KL:MAYBULK), Eonmetall Group Bhd (KL:EMETALL) and Leader Steel Holdings Bhd (KL:LSTEEL) are selling three adjoining parcels of industrial land in Klang, Selangor, to WG Malaysia VIII Sdn Bhd for a combined RM687.89 million.
The buyer, WG Malaysia, is an IT consultancy acquiring the land for a large-scale information technology development, according to the three listed companies' bourse filings.
Maybulk, via 60%-owned MBC Logistics Hub Sdn Bhd, is selling a 58.03-acre (2.26 million sq ft) plot for RM278.05 million; Eonmetall is selling a 66.03-acre (2.88 million sq ft) parcel for RM273.28 million; while Leader Steel is selling a 33-acre (1.44 million sq ft) site for RM136.56 million. All three plots are in Kapar.
The price for Eonmetall’s land sale is more than double its RM103.8 million market capitalisation, based on Eonmetall's closing share price of 26 sen on Thursday. Leader Steel’s disposal is nearly twice the company's market valuation of RM72.4 million, as its share price settled at 45 sen.
The price tags are largely in line with valuations appraised by independent valuer Savills (M) Sdn Bhd on March 6, their respective filings noted. All three said the disposals provide an opportunity to unlock the value of the land while strengthening their balance sheets.
As the deals are considered related-party — Maybulk, Eonmetall and Leader Steel have a common major shareholder and director: Datuk Goh Cheng Huat — they have to be approved by non-interested shareholders.
Maybulk expects to book a net gain of RM30.55 million from the sale. It plans to use part of the proceeds for a special dividend of 3.5 sen per share, with the balance allocated for debt repayment and future acquisitions.
Eonmetall expects the highest net gain, of RM57.82 million. Its proceeds will mostly be used to repay debt, and fund working capital and investments.
Leader Steel is anticipating a net gain of RM18.39 million and is planning a special dividend of three sen per share with the proceeds. The balance will be used for debt repayment, working capital and acquisitions.
The disposals are expected to be completed in the second half of 2026 if the necessary approvals are obtained.
Maybulk shares rose half a sen or 1.37% higher at 37 sen, valuing the company at RM333 million, while Eonmetall slipped one sen to close at 26 sen, for a market capitalisation of RM103.79 million.
Shares in Leader Steel ended 1.5 sen or 3.45% higher at 45 sen, valuing the company at RM72.42 million.
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