KUALA LUMPUR: SWS Capital Bhd
(SWS) has proposed to dispose of a leasehold industrial property in Batu Kawan, Penang for RM13mil as part of a group-wide rationalisation exercise.
In a filing with Bursa Malaysia, SWS said its wholly owned subsidiary, EE-Lian Enterprise (M) Sdn Bhd, had entered into a sale and purchase agreement with UWC Industrial Sdn Bhd, a wholly owned unit of UWC Bhd.
The property comprises a 60-year leasehold industrial land in Taman Perindustrian Batu Kawan, spanning 6,674 sq m, with a double-storey office and single-storey warehouse.
“The proposed disposal is part of SWS's ongoing group-wide rationalisation exercise for the group’s operation.
“It allowed SWS Group to realise the value of its investments and redeploy the proceeds for other ventures within its operating units,” SWS said.
The group is expected to record a net loss of RM1.46mil from the disposal after accounting for real property gains tax and related expenses.
SWS said proceeds from the disposal will be used mainly to settle a term loan with RHB Bank Bhd, repay amounts due to its holding company, and for other obligations, including taxes and expenses.
The proposed disposal is expected to be completed by the final quarter of 2026.
