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AME Elite to Sell 11 Freehold Johor Lands for RM209.84 Mil

KUALA LUMPUR: AME Elite Consortium Bhd proposes selling 11 industrial land plots in i-TechValley, Iskandar Puteri, Johor, to Digital Hyperspace Malaysia Sdn Bhd (DHM) for a combined RM209.84 million in cash.

The real estate services group stated that its subsidiary, Pentagon Land Sdn Bhd, plans to dispose of seven freehold plots totalling 9.07ha to DHM for RM134.79 million.

Another subsidiary, Greenhill SILC Sdn Bhd intends to sell 4 similar plots measuring 5.05ha to DHM for RM75.05 million.

The proposed sales aim to unlock the full value of the lands, resulting in an estimated net pro forma gain of RM85.13 million and generating gross cash proceeds of RM209.84 million.

“This will allow the group to partially fund its ongoing industrial property development project, i-TechValley and strengthen the group’s financial position for future endeavours,” it said.

The estimated timeframe for utilisation is within 36 months following the completion of the proposed sales and it is expected to be completed by the first quarter of 2025.

— BERNAMA

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