Widad sells Damansara Heights building at a loss for RM41.5mil
KUALA LUMPUR: Widad Group Bhd is selling a 12-storey office building in Damansara Heights here at a loss to reduce borrowings.
The property is being sold to Richfield Builder (M) Sdn Bhd, which is wholly owned by Dhaya Maju Infrastructure (Asia) Sdn Bhd, for RM41.5 million.
Widad said its wholly-owned Widad Builders Sdn Bhd had signed a sale and purchase agreement with Richfield Builder for the disposal.
The property includes six levels of elevated parking with a 99-year lease expiring on Jan 30, 2073.
As of Dec 31, 2023, the property's audited net book value stood at RM39.69 million.
"The disposal is expected to incur an estimated loss of RM1.2 million, hence reducing net tangible assets accordingly," Widad said in a Bursa Malaysia filing today.
"However, gearing will improve following the reduction of borrowings by RM40 million," the company added.
Widad shares closed unchanged at 3.5 sen today, giving the company a market capitalisation of RM109 million.
Keywords: Sale Property Damansara Heights Widad Group Bhd
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