KUALA LUMPUR (Feb 25): Minda Global Bhd said today it is disposing of an education campus in Hulu Langat for RM30 million cash.
The property comprises 15 contiguous units of four-storey terrace blocks, a single storey auditorium and 18 units of shop offices and a car park area.
Minda Globa’s indirect wholly-owned unit Asiamet Education Group Sdn Bhd has signed a sales and purchase agreement with Ascent Resource Holdings Sdn Bhd for the disposal.
The properties combined have a floor area of 140,806 sq ft, and are currently rented out for RM100,000 per month, the company said.
The sale will result in gains on disposal of RM6.52 million, taking into account disposal expenses of about RM2.32 billion and the properties’ net book value of RM21.17 million as at end-2018.
Minda Global expects the sale to be concluded by the second quarter of this year.
Shares in the education group rose half a sen to five sen today, giving the group a market capitalisation of RM62 million.