KUALA LUMPUR: Pintaras Jaya Bhd has proposed to dispose of a parcel of freehold industrial land worth RM25.28mil in Klang, Selangor to electric applicance retailer Senheng Electric (KL) Sdn Bhd.

       In a filing with Bursa Malaysia, the group said the proposed disposal represented an opportunity for the group to realise the value of the land and unlock capital resources.

       “This should strengthen the group’s liquidity and financial position.

       “The disposal consideration was arrived at on a willing buyer, willing seller basis after taking into consideration offers from property agents over the past three years which were lower than the current disposal consideration of RM25.28mil,” it added.

       Both parties inked the sales and purchase agreement (SPA) for the proposed disposal yesterday.

       The land measuring 11,744 sq m was acquired on June 30, 2011 with the original cost of investment, including ancillary expenses of RM5.84mil.

       Meanwhile, Pintaras said the proceeds derived from the proposed disposal would be utilised as working capital for the group.

       It noted that the proposed disposal is not subject to the approval of the shareholders of the group.

       However, Pintaras said it is subject to the economic planning unit’s (EPU) consent to be obtained within three months from the date of the SPA.

       “Barring any unforeseen circumstances, the proposed disposal is expected to be completed within three months from the date of the SPA or one month from the EPU’s consent being obtained by the purchaser or the purchaser’s solicitors, whichever is later,” said Pintaras.

       Moving forward, the group expects the proposed disposal to contribute positively to the earnings of group for the financial year ending June 30, 2022 (FY22).

       “Based on the audited consolidated statement of profit or loss and other comprehensive income of Pintaras for FY21, the proposed disposal is expected to generate an estimated net gain of RM18.8mil before tax.