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PETALING JAYA (June 17): Beshom Holdings Bhd's wholly owned subsidiary Hai-O Enterprise Bhd has entered into a sale and purchase agreement (SPA) to dispose of three parcels of freehold industrial land in Klang, Selangor for RM85.80 million in cash.
It said in a Bursa filing yesterday that Hai-O had signed the SPA with JT Development Sdn Bhd for land measuring an aggregate of approximately 14.58 acres (58,994 sq metres or 635,027 sq ft), located at Mukim Kapar, Daerah Klang, Selangor.
The site is located along Jalan Kapar, directly opposite the Grand Sepadu Highway toll plaza, with connectivity to North Port, Port Klang and the West Coast Expressway. The surrounding area includes established industrial zones such as Bukit Raja Industrial Park, Sungai Kapar Indah Industrial Park and Kapar Bestari Industrial Park.
Land details and condition
The three parcels comprise Land 1 (6.74 acres), Land 2 (3.92 acres) and Land 3 (3.92 acres). The land was originally part of a larger 29.73-acre master parcel acquired by Hai-O on May 15, 2008, and was subdivided into four industrial plots by Majlis Bandaraya Diraja Klang on August 19, 2024, with three plots forming the subject of this disposal.
Land 1 contains two single-storey warehouses approximately 60 years old and in poor condition. One unit is tenanted on a month-to-month basis at RM13,000 per month, and the tenant has been notified to vacate prior to completion.
The second warehouse is vacant. Land 2 and Land 3 are vacant and covered with vegetation. The valuer did not assign value to the existing buildings, which are to be demolished by the purchaser.
Valuation
An independent valuation by KGV International Property Consultants (M) Sdn Bhd, dated June 4, 2026, adopted the comparison approach and valued the land at RM41.4 million for Land 1, RM22.3 million for Land 2 and RM22.1 million for Land 3, for an aggregate valuation of RM85.80 million. The audited net book value of the land as at April 30, 2025 was RM26.075 million.
Purchaser
JT Development Sdn Bhd was incorporated on May 28, 2024 and is principally involved in construction of buildings. Its sole director and shareholder is Tan Chee Chuan. The company has an issued share capital of RM1 million as at June 5.
Consideration and payment terms
The RM85.80 million consideration is satisfied in cash. A total deposit of RM8.58 million, representing 10% of the consideration, is structured as follows: RM1 million earnest deposit; RM2.574 million balance deposit; and RM5.006 million RPGT retention sum.
The remaining 90% balance of RM77.22 million is payable within three months from the date the last condition precedent under the SPA is fulfilled. The SPA provides for a one-month extension subject to interest at 8% per annum on any unpaid balance during the extended period.
Expected gain
The disposal is expected to result in a pro forma gain of approximately RM52.78 million, after deducting the audited net book value of RM26.075 million, subdivision and amalgamation expenses of RM0.64 million, estimated disposal expenses of RM0.50 million and estimated RPGT of RM5.81 million.
Use of proceeds
Beshom intends to utilise the RM85.80 million proceeds as follows:
1) RM28.00 million for acquisition of a new warehouse;
2) RM45.84 million for working capital purposes;
3) RM3 million for a new TNB substation and related infrastructure; RM2.65 million for refurbishment of existing property;
4) RM5.81 million for RPGT payment; and
5) RM0.50 million for disposal-related expenses. Pending utilisation, proceeds may be placed in interest-bearing deposits or money market instruments.
The new TNB substation is required as electricity to Hai-O's adjoining retained land is currently supplied through the substation located on the disposal site. Construction of the replacement substation is expected to be completed by the third quarter of 2027.
Conditions
The SPA is subject to conditions precedent including approval from the Ministry of Economy, planning approval and building plan approval from relevant authorities, and approval of Beshom shareholders at an extraordinary general meeting.
The SPA includes provisions allowing the purchaser to terminate the agreement and recover the deposit less the RPGT retention sum if required approvals are not obtained or are not acceptable.
Effects and listing classification
The disposal is not expected to have an impact on issued share capital. Based on audited financial statements as at April 30, 2025, the transaction results in a pro forma increase in net assets per share from RM1.03 to RM1.21, and a pro forma increase in earnings per share from 2.78 sen to 20.40 sen.
The highest percentage ratio is approximately 27.72% under Paragraph 10.02(g) of Bursa Malaysia Listing Requirements. The transaction is not a related party transaction.
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