Malaysian Resources Corp Bhd (MRCB) is set to sell a parcel of land in Cyberjaya for RM419.05 million cash as part of its ongoing asset monetisation strategy.
The disposal will be carried out through MRCB’s indirect wholly owned subsidiary, Subang Sentral Sdn Bhd (SSSB), which has entered into a conditional Sale and Purchase Agreement (SPA) with Digital Cosmos Malaysia Sdn Bhd for the sale of seven land parcels.
The land parcels, which currently span approximately 36.66 acres, will be consolidated into a single title following the surrender and re-alienation process, resulting in a larger combined tract measuring about 45.81 acres.
In a filing with Bursa Malaysia, MRCB said the land is strategically located within Cyberjaya City Centre, an area positioned as a key technology and business hub.
An independent valuation conducted by Raine & Horne International Zaki + Partners Sdn Bhd valued the land at RM419.1 million, equivalent to approximately RM210 per square foot, which is in line with the proposed disposal consideration.
MRCB expects the transaction to generate a pro forma gain of approximately RM81.4 million, strengthening the group’s financial position while unlocking value from its existing property assets.
The company said the proceeds from the disposal will primarily be used to support its financial management initiatives. Approximately RM350 million from the proceeds will be allocated towards the repayment of its Sukuk Murabahah financing due within the next 12 months.
Based on the prevailing interest rate of 4.24% per annum, MRCB expects the repayment of borrowings to generate estimated gross interest cost savings of RM14.84 million annually.
The remaining RM31.12 million will be utilised to support the group’s working capital requirements, including its ongoing construction and property development activities.
MRCB said the proposed disposal aligns with its strategy of actively managing its asset portfolio, improving capital efficiency and strengthening its financial flexibility to support future growth opportunities.
