KUALA LUMPUR: AME Elite Consortium Bhd, via two wholly-owned subsidiaries, has agreed to dispose of 11 plots of industrial land in the i-TechValley in Phase 3 of the southern industrial and logistics clusters (SILC) in Iskander Puteri, Johor, to Digital Hyperspace Malaysia Sdn Bhd for a combined RM209.84mil cash.
The disposal consideration of the land, measuring a total of 34.91 acres, works out to a price tag of RM138 psf.
AME Elite said in a filing with Bursa Malaysia the gross cash proceeds will be utilised to partially fund the its ongoing development of i-TechValley at Phase 3 of SILC while boosting its working capital position.
According to the group, the original cost of investment in the lands by its subsidiaries on Dec 30, 2020, is about RM89.23mil.
Based on the latest financial statements as at March 31, 2023, the total cost of investment in the lands, including transaction and development costs and excluding finance costs in relation to the unwinding of discount on the deferred purchase consideration, is about RM84.15mil.
AME Elite said it is expected to realise an estimated net pro forma gain of about RM85.13mil from the proposed sale, which is expected to be completed by the first quarter of 2025.
