Beshom Unit To Dispose Of Kapar Industrial Land For RM85.8 Mln
KUALA LUMPUR, June 16 (Bernama) -- Beshom Holdings Bhd’s wholly-owned subsidiary, Hai-O Enterprise Bhd, has entered into a sale and purchase agreement with JT Development Sdn Bhd for the proposed disposal of three plots of freehold industrial land for a cash consideration of RM85.80 million.
The land, measuring 58,994 square metres, is located along the main road of Jalan Kapar in Klang, Selangor, directly opposite the Grand Sepadu Highway toll plaza. The expressway provides access to North Port and Port Klang.
In a filing with Bursa Malaysia today, the investment holding company said the proposed disposal represents an opportunity for Beshom Group to unlock and realise the value of the land, with a pro forma gain on disposal of about RM52.78 million.
“The proposed disposal will enable the group to have a cash inflow of RM85.80 million, which will be used for, among others, the acquisition of a new warehouse, the construction of a new TNB substation, the refurbishment of existing properties, and working capital for the expansion of retail stores.
“The proceeds will also be used for the refurbishment of existing retail stores, product development and supply chain sourcing, member development programmes, recognition and training activities, information technology system upgrades, and the subscription of new IT applications to enhance online marketing for the multi-level marketing, retail and wholesale segments,” it said.
Beshom said the utilisation of the proceeds is expected to contribute positively to the group’s operations.
The company said the proposed disposal is subject to, among others, approval from its shareholders at an extraordinary general meeting to be convened.
“Barring any unforeseen circumstances and subject to all required approvals being obtained, the board expects the proposed disposal to be completed in the first quarter of 2027,” it said.
Affin Hwang Investment Bank has been appointed as the principal adviser for the proposed disposal.
-- BERNAMA