PETALING JAYA: MUI Properties Bhd
’s indirect 60%-owned subsidiary, West Synergy Sdn Bhd, will dispose of a 49,725 sq metre freehold land within Springhill Industrial Park, Negeri Sembilan to Antmed Malaysia Sdn Bhd for RM18.73mil in cash.
In a filing with Bursa Malaysia, Mui Properties said West Synergy is a 60%-owned subsidiary of Peristal Enterprise Sdn Bhd, which in turn is a wholly-owned subsidiary of Mui Properties.
Mui Properties said the original cost of investment of the land was RM497,902 on Jan 25, 1995. The audited net book value of the land as of June 30, 2025, is RM4.4mil. The proposed disposal is expected to result in a gain on disposal of RM10,866,000 (profit after taxation).
Mui Properties said about RM15.2mil of the total proceeds of RM18.73mil from the land disposal will go towards working capital requirements of ongoing projects and infrastructure works in Bandar Springhill. Another RM3.4mil will be set aside for tax payable pursuant to the proposed disposal, while the remaining RM80,000 will go towards defraying expenses in relation to the proposed disposal.
Mui Properties said the proposed disposal builds on the group’s 2024 strategy of positioning Bandar Springhill as a medical hub. Mui Properties said Antmed’s decision to acquire further land within two years of its initial purchase reaffirms its long-term commitment to the township.
Mui Properties added the proposed disposal continues to advance the medical hub ecosystem, while delivering financial benefits to West Synergy Sdn Bhd through improved earnings and working capital to support ongoing development.
Antmed is engaged in research and development on medical sciences.
