Widad Group sells Damansara Heights office for RM41.5mil
KUALA LUMPUR: Widad Group Bhd is disposing off a 12-storey office building in Damansara Heights, Kuala Lumpur for RM41.5mil cash.
In a filing with Bursa Malaysia, Widad said its wholly owned subsidiary, Widad Builders Sdn Bhd, signed a sale and purchase agreement (SPA) with Richfield Builder (M) Sdn Bhd (RBSB) for the disposal.
The 12-storey office building, which includes six levels of elevated car parks, has a 99-year leasehold expiring on Jan 30, 2073, with 48 years remaining on the lease.
The total land area is 17,305 sq ft, and the building is approximately 28 years.
The audited net book value as of Dec 31, 202,3 is RM39.69mil, while the original cost of investment was RM38mil on Oct 18, 2013.
Widad said the proceeds raised from the disposal would be utilised to fully settle borrowings related to the property and working capital.
'The disposal is expected to incur an estimated loss of RM1.2mil, hence reducing net tangible assets (NTA) accordingly.
'However, gearing will be improved following the reduction of borrowings by RM40mil,' it said
It added that the disposal represented an opportunity for the group to improve its financial performance by reducing finance cost, depreciation and improving cashflow.
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