PETALING JAYA: Sunsuria Bhd
, via its 99%-owned subsidiary Sunsuria City Sdn Bhd, is proposing to dispose of a piece of freehold commercial land measuring 183,973 sq metres in Sepang, Selangor, to Amazon Data Services Malaysia Sdn Bhd for RM316.84mil.
In a filing with Bursa Malaysia, Sunsuria said the proposed disposal provides an opportunity for Sunsuria to unlock and realise the value of its investment in the property, which is currently a piece of vacant land with no income-generating activities.
“The group is expected to record an estimated one-off pro forma gain on disposal from the proposed disposal of approximately RM50.34mil.”
Sunsuria said the proceeds from the proposed disposal will also strengthen the group’s cash flow and liquidity which is expected to ease funding requirements of the group’s existing business operations and working capital.
“Part of the proceeds from the proposed disposal is also earmarked for repayment of bank borrowings which is expected to improve the gearing of the group and result in interest cost savings.
“This will in turn provide the group with financial flexibility in securing additional funds for its business operations.”
