PETALING JAYA: Maybulk Bhd, Eonmetall Group Bhd
and Leader Steel Holdings Bhd are disposing of adjoining industrial land parcels in Kapar, Klang to WG Malaysia VIII Sdn Bhd for a combined RM687.89mil, as the buyer looks to assemble a larger site for information technology (IT) infrastructure development.
WG Malaysia is primarily involved in computer consultancy, provision of infrastructure for hosting and related information technology services.
In a filing with Bursa Malaysia, Maybulk said its 60%-owned subsidiary, MBC Logistic Hub Sdn Bhd, had entered into a conditional sale and purchase agreement to dispose of a 2.53-million-sq-ft freehold parcel for RM278.05mil cash.
Eonmetall, meanwhile, said its wholly owned subsidiary, Eonmetall Land Sdn Bhd, is selling a 2.88-million-sq-ft parcel for RM273.28mil, while Leader Steel’s wholly owned unit, FerroNet Asia Sdn Bhd, is disposing of a 1.44-million-sq-ft parcel for RM136.56mil.
All three parcels are located in Mukim Kapar, Klang, Selangor, and are contiguous, forming a larger tract identified by the purchaser for IT infrastructure development. The disposal prices were largely in line with or slightly above independent valuations by Savills (Malaysia) Sdn Bhd.
Maybulk said the proposed disposal is expected to generate a net pro forma gain attributable to shareholders of about RM30.55mil.
It plans to use the proceeds for debt repayment, future acquisitions, payments to minority shareholders, and expenses, while earmarking RM30.25mil for a special dividend, or approximately 3.5 sen per share.
Eonmetall expects to record a net gain of about RM57.82mil, with proceeds to be channelled towards repayment of borrowings, funding working capital and investments, as well as covering transaction-related costs.
Leader Steel said its disposal would result in a net gain of about RM18.39mil, with proceeds allocated mainly for debt repayment, working capital and acquisitions. It also intends to pay a special dividend of RM4.64mil, or three sen per share.
