Rapid Synergy disposes of Sri Hartamas land for RM39mil

PETALING JAYA: Rapid Synergy Bhd is disposing of a 4,716 sq metre parcel of the freehold land in Sri Hartamas, Kuala Lumpur to Exsim Putra Permai 45 Sdn Bhd for RM39mil.

In a filing with Bursa Malaysia, Rapid Synergy said the disposal represents an opportunity for the group to unlock and realise the appreciating value of the property to realise cash flows to fund working capital and/ or repayment of bank borrowings the group.

In a reply to an unusual market activity query on Monday, Rapid Synergy said the proposed disposal was in its final stage and that the disposal was expected to be completed by the first quarter of this year.