PETALING JAYA: Revenue Group Bhd
’s indirect wholly-owned subsidiary, Next Revenue Sdn Bhd, is disposing of two parcels of land in Kepong, Kuala Lumpur, for RM27mil as part of its cost rationalisation strategy to improve management efficiency.
In a filing with Bursa Malaysia, Revenue Group said that the proceeds from the proposed disposal will first be applied to reduce Next Revenue’s bank loan.
“The balance, if any, will be used as the working capital of Next Revenue and/or the group within the current financial year ending Sept 30, 2025,” it added.
Next Revenue acquired the assets in 2021 for an investment cost of RM25.86mil.
While no formal valuation has been carried out, Revenue Group noted that the disposal consideration of RM27mil was reached on a willing buyer-willing seller basis through direct negotiation between the vendor and the purchaser, after considering the prevailing market value of the property in the surrounding area.
