KUALA LUMPUR: APB Resources Bhd
said it is proposing to dispose of Menara APB, a 16-storey purpose-built office building in Shah Alam, for RM45mil cash, which will go towards repaying bank borrowings.
According to the group's filing with Bursa Malaysia, the 22-year-old commercial building, which has a gross floor area of 21,318.4sqm and a net lettable area of 7,991.56sqm, was purchased by APB for RM39.89mil in April 2024.
The disposal consideration represents a discount of RM1mil or 2.17% to the appraised market value of the property by an independent valuer of RM46mil. However, the group said the proposed disposal is reasonable as the building has been on the market for an extended period without any higher offers.
Additionally, the property is vacant and not earning the group any rental income.
Minus the net book value of the property, taxes and estimated expenses, the group expects a net gain of RM3.23mil from the disposal.
The group expects the proposed disposal to be completed by the second quarter of 2027.
