KUALA LUMPUR: Talam Transform Bhd
's unit Talam Leisure Development Sdn Bhd has proposed to dispose of a piece of commercial leasehold land measuring 27.72 acres in Sepang to IJM Properties Sdn Bhd (IJMP).
The land disposal price will be fulfilled by way of setting off a sum of RM66mil of the indebtedness and RM18mil interest waiver on what is owed by the Talam Transform Group to IJMP, it said in a Bursa Malaysia announcement.
Apart from that, there will be a variable entitlement of the 30% of net profit of the project where RM10,000,000 will be payable to Talam Transform over a 24 months instalment, commencing from the first sales launch of the project, it said.
This is also subject to the terms and conditions of the sales and purchase agreement, the company added.
Talam Transform said the proposed land disposal will give rise to a net profit of RM30.26mil or 0.7 sen per ordinary share.
“The net assets of Talam Transform will also increase by 0.7 sen to RM0.6 per ordinary share and gearing ratio, based on the audited financial statement as at March 31, 2024, is 0.18.”
