Seacera proposes to sell and lease back property
Posted on | April 27, 2011
By THE STAR
PETALING JAYA: Seacera Tiles Bhd has proposed to dispose of four parcels of freehold land of 59,053 sq m together with a factory to Suong Sdn Bhd for RM62mil and lease back the property.
Seacera said RM47mil from the sale of the property in Bandar Selayang, Gombak, would be satisfied by cash and the remaining RM15mil via development property method.
The RM15mil will be settled by Suong by way of transfer to Seacera of the development property free from any mortgage, charge, pledge, lien, assignment, hypothecation, security interest, title retention, caveat or any security agreement or arrangement.
“Upon the completion of the proposed disposal, Seacera intends to enter into a tenancy agreement with Suong to rent the property for a pre-determined period of time,” it told Bursa Malaysia yesterday.
Seacera planned to utilise RM10mil proceeds from the prosposed sale to partly finance and relocation and construction of its new manufacturing facilities in Kamunting Raya Industrial Estate and to pay partially or fully any outstanding short and long-term borrowings that currently stood at RM29.4mil.
Seacera also proposed to use up to RM15mil of the proceeds to part finance the purchase of the Kajang land from Duta Skyline Sdn Bhd while the balance could be used for working capital purposes.
“The proposed disposal and leaseback will enable Seacera to unlock and realise the value of the land while providing a surplus of cash flow of about RM9.5mil after taking into consideration of the above utilisation proposals,” it said.
- Malaysia Real Estate Market News
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