Apex Equity to dispose of Shah Alam land for RM37mil

KUALA LUMPUR: Apex Equity Holdings Bhd's subsidiary has entered a sales and purchase agreement with KlangRealty Integrated Sdn Bhd to dispose of four parcels of freehold land in Shah Alam measuring 23,915.34 sqm for RM37mil cash.

It said in a filing with Bursa Malaysia that the proposed disposal is expected to result in gain of about RM4.6mil for the financial year ending Dec 31, 2021.

The proceeds from the sale would be utilised for working capital.

"The proposed disposal will allow AEC an opportunity to realize the gain without assuming the risk of completion of the construction and sales of commercial properties under the current weak market sentiments and exit from non-core business assets, which are the pledged properties derived from loan recovery in previous years," it said.
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Apex Equity , KlangRealty Integrated


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