Naim Holdings to dispose of land in Sarawak for RM223.38mil

PETALING JAYA: Naim Holdings Bhd is disposing of 180.8 hectares of land at Sungai Sajiram/Sungai Kuap, Sungai Merdang, Samarahan, Sarawak to Onlyee Flora Sdn Bhd for RM223.38mil.

In a filing with Bursa Malaysia, Naim said the proposed disposal forms part of the group’s ongoing commitment to ensure long-term sustainability in its business operations in a tight property market, dominated by substantial unsold properties (as reported by the National Property Information Centre).

“With the available proceeds from the proposed disposal, the group would be able to pare down part of its borrowings and provide adequate working capital to ramp up its focus towards developing affordable homes.

“The board believes the proposed disposal would provide an opportunity to realise gains and unlock the value of its investment at fair and reasonable market value.”

As the proposed disposal is expected to be completed by the second quarter of 2025, Naim said it is not expected to have any material effect on the group's earnings and earnings per share for the financial year ending Dec 31, 2024.