KUALA LUMPUR: Glomac Bhd
is disposing of two vacant leasehold land parcels in Puchong to Sunway Kiara Sdn Bhd for RM97.30mil.
In a filing with Bursa Malaysia, Glomac said that its subsidiary, Glomac AI Batha Sdn Bhd, had entered into two separate sale and purchase agreements or SPAs with Sunway Kiara for the disposal of the vacant parcels known as Plot 3 and Plot 4.
Sunway Kiara is a wholly owned subsidiary of Sunway City Sdn Bhd, which is part of Sunway Group.
Glomac said the disposal consideration was determined on a willing buyer-willing seller basis and represents a premium of RM19.12mil over the properties’ combined net book value of RM78.18mil as at April 30, 2025.
“The disposal consideration, while below market valuation, is considered reasonable in view of the purchaser’s financial credibility.” — Bernama
