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PETALING JAYA (May 12): Metronic Global Bhd is disposing of a freehold industrial property in Shah Alam for RM9.42 million, with proceeds earmarked primarily for working capital and loan repayment.
The group's wholly-owned subsidiary Metronic Engineering Sdn Bhd entered into a sale and purchase agreement with Twin Hydraulics Engineering Sdn Bhd today for the property at No. 2, Jalan Astaka U8/83, Seksyen U8, Bukit Jelutong, 40150 Shah Alam, Selangor.
The property comprises a freehold industrial land measuring 23,838 sq ft with a three-storey semi-detached factory of 25,112 sq ft built-up area. The factory is currently vacant.
The property is charged to Malayan Banking Bhd as security for banking facilities with outstanding balances of RM7.67 million as at May 11.
Metronic said the property was no longer fully utilised following workforce reduction and operational improvement initiatives, including remote work and workspace optimisation. The company has since relocated its operations to premises with lower operating costs.
Of the RM9.42 million proceeds, RM3.07 million will be used for loan repayment and RM5.78 million for working capital, with the remainder to cover real property gains tax and related transaction fees.
The proposed disposal is expected to be completed by 2Q of FY2027.
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