Tag: Sapura Industrial Bhd

Sapura Industrial sells two adjacent plots of land in Bangi for RM42.33 million

KUALA LUMPUR: Sapura Industrial Bhd (SIB) has submitted a proposal to sell two adjacent industrial land plots in Bandar Baru Bangi, Selangor to Zeito Plastic Components Sdn Bhd (ZPC) for a cash consideration of RM42.33 million. Two vacant industrial land plots, measuring 40,964 square metres (4.096 hectares), comprising Lot 48474 and Lot 48475, both with a 99-year lease term expiring on 18 July 2103. In a filing to Bursa Malaysia today, the automotive component manufacturer said it had entered into a sale and purchase agreement (SPA) with ZPC on July 1 following receipt of an offer letter on June 8. "Initially, the property was taken over by SIB to expand its factory located in Bandar Baru Bangi. "However, after considering steps to expand the existing factory to be closer to the group's customers, the board of directors believes the proposed sale is timely." "The proposed sale allows the group to leverage the value of its non-core assets at current value and convert them into liquid funds for more productive operational use," he said. According to SIB, the sale consideration was negotiated on a mutual consent basis between the buyer and seller after taking into account the free market valuation of RM40.60 million as at 30 April 2026, the original investment cost of RM12.10 million and the aggregate net book value of RM9.10 million as at 31 January 2026. According to the notice, it expects to recognise a pro forma net profit of approximately RM29.14 million from the proposed sale. He said the proposed sale is subject to shareholder approval at an extraordinary general meeting and other related approvals, if required. SIB said none of its directors, major shareholders and individuals connected with the company have any direct or indirect interest in the proposed sale. "The board of directors, after considering all aspects of the proposed sale, is of the opinion that the proposed sale is in the best interests of the company," he said. According to SIB, subject to unforeseen circumstances, the transaction is expected to close in the first half of 2027. -- BERNAMA

KUALA LUMPUR: Sapura Industrial Bhd (SIB) has submitted a proposal to sell two adjacent industrial land plots in Bandar Baru Bangi, Selangor to Zeito Plastic Components Sdn Bhd (ZPC) for a cash consideration of RM42.33 million. Two vacant industrial land plots, measuring 40,964 square metres (4.096 hectares), comprising Lot 48474 and Lot 48475, both with […]