KUALA LUMPUR: Glomac Bhd
's wholly-owned subsidiary Glomac Al Batha Sdn Bhd has inked two sales and purchase agreements to dispose of two tracts of vacant leasehold land in Bandar Metro Puchong in Selangor to Sunway Kiara Sdn Bhd for a combined RM97.3mil.
The two tracts, which measure 13.848sqm and 13,549sqm respectively, are designated for development purposes.
According to the group, the properties were originally acquired by another subsidiary, Glomac Alliance Sdn Bhd, on Jan 21, 2011, and sold to Glomac Al Batha for RM64.9mil on Nov 22, 2019. The net book value of the properties as at April 30, 2025, stood at RM78.18mil.
Glomac estimates a net gain of RM28.68mil from the proposed disposals.
It wil utilise the gross proceeds to repay existing loans and fund general operational requirements.
It said the proposed disposals are expected to be completed by the third quarter of 2026, and the third quarter of 2027, respectively.
