Ge Shen signs agreement to sell Johor industrial land for RM7.6m

• The land in Tebrau, measuring about 0.5 hectare, also has a factory sitting idle, Ge-Shen said in an exchange filing.

KUALA LUMPUR (Oct 30): Contract manufacturer Ge-Shen Corporation Bhd (KL:GESHEN) announced on Wednesday that it is selling a plot of industrial land in Johor for RM7.6 million.

The land in Tebrau, measuring about 0.5 hectare, also has a factory sitting idle, Ge-Shen said in an exchange filing. The sale to Sim-Ray Engineering Sdn Bhd would provide the company an opportunity to unlock and realise the value of its investment in the property, Ge-Shen noted.

“The proposed disposal may also strengthen its liquidity and cash flow position,” the company said.

The price tag represents a discount of 8.4% from the market value of RM8.3 million of the property as appraised by Irhamy Valuers International Sdn Bhd based on recent transactions of similar properties.

The proposed disposal will not affect existing operations but once completed by March 2025, the company will book a net gain of about RM5.28 million from the sale, Ge-Shen added.

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