Property developer Bedi Bhd, formerly WMG Holdings Bhd, has entered into an agreement to sell its hypermarket property in Sandakan, Sabah, to retailer and wholesaler Mydin for RM85 million. Mydin is also the current tenant of the property.
The 4.39-acre site, which includes a double-storey hypermarket, was independently valued at RM93 million by CH Williams Talhar & Wong (Sabah) Sdn Bhd on Nov 3, making the agreed sale price an 8.6% discount.
The property has been leased to Mydin under a 20-year agreement signed in July 2019. Bedi said it approached Mydin with a sale offer in April this year, exercising the lease’s first right of refusal clause, which Mydin accepted.
Bedi described the sale as part of its ongoing strategy to streamline its assets and strengthen its financial position, while supporting its broader property development objectives.
Proceeds from the transaction will be allocated primarily to fund new property acquisitions and development projects in Sabah, amounting to RM45.52 million. Another RM35.78 million will be used to repay bank borrowings, with the remainder covering transaction-related expenses.
The company expects to record a net gain of RM22.1 million from the disposal, which is scheduled for completion in the first quarter of 2026, subject to shareholder approval at an extraordinary general meeting.
Bedi underwent a change in management last year after Exsim Development Sdn Bhd became its largest shareholder with a 52.5% stake, purchased from Syarikat Kretam (Far East) Holdings Sdn Bhd for RM75.12 million. In a related transaction, Ben Kong Chung Vui, acting in concert with Exsim, acquired a 17.5% stake from Syarikat Kretam.
Shares of Bedi closed at 31 sen on Nov 12, giving the group a market capitalisation of RM268.82 million.
