Construction company Ingenieur Gudang Bhd has announced plans to dispose of a 1.9-acre land parcel in Nilai, Negeri Sembilan, which includes a factory and office building, for RM22 million in cash.
According to a Bursa Malaysia filing on Monday, the buyer is Baba Products (M) Sdn Bhd, a manufacturer of curry powder and powdered food products. The company is 80%-owned by Pagalavan C Rangasami and 20% by Rajasulochana Pagalavan.
Ingenieur Gudang said the property is currently vacant and unoccupied and had a fair value of RM16 million as of end-November 2024. The group expects to record a net gain of RM5.8 million from the disposal. No formal valuation was conducted for the transaction.
Proceeds from the sale are intended to support the group’s general working capital needs and fund potential opportunities that align with its long-term strategic objectives, the filing stated.
The company expects the transaction to be completed by the first quarter of 2026.
On Monday, shares in Ingenieur Gudang closed unchanged at 2.5 sen, giving the company a market capitalisation of RM31.6 million.
