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- The land was proposed to be sold to Ladang Lekir Sdn Bhd (LLSB), a wholly-owned unit of the Perak State Agriculture Development Corporation, for RM18.4 million, as part of Majuperak's business regularisation plan.
KUALA LUMPUR (July 22): Majuperak Holdings Bhd (KL:MJPERAK) said its proposed disposal of two parcels of land and a building in Ipoh, known as Brewster Village, has been called off after the non-fulfilment of conditions precedent within the stipulated timeframe.
The land was proposed to be sold to Ladang Lekir Sdn Bhd (LLSB), a wholly-owned unit of the Perak State Agriculture Development Corporation, for RM18.4 million, as part of Majuperak's business regularisation plan.
In a bourse filing on Tuesday, Majuperak said its wholly-owned subsidiary, Syarikat Majuperak Bhd (SMB), had received the notice of termination from LLSB on June 25.
SMB then appealed to LLSB as it sought for an extension of up to one year to fulfil the conditions precedent, but this was turned down by LLSB.
Majuperak, a subsidiary of the Perak State Development Corporation (PKNPk), said the termination will not have any material impact on the group’s net assets, net earnings, earnings and gearing.
Since April 2020, Majuperak has remained classified as an affected issuer after its unaudited financial statements for the financial year ended Dec 31, 2019 (FY2019) showed insignificant business or operations.
On July 14, Majuperak announced that the group had appointed Interpac as its new principal adviser to assist it in formulating a regularisation plan. The regularisation plan is due to be submitted to Bursa Malaysia on Oct 11, 2025, following an extension of time granted by the bourse operator in May.
The loss-making group has been in the red for the past three years, starting from a net loss of RM13 million in FY2022, steadily decreasing to RM11.1 million in FY2023 and further reducing to RM4.3 million in FY2024, its annual report showed.
For the first quarter of FY2025, the group posted a net profit of RM1.45 million, versus a net loss of RM5.98 million a year earlier, as revenue more than doubled to RM12 million from RM5.75 million. The group attributed the improved revenue to a land disposal in Hulu Bernam worth RM5 million.
The group had total borrowings of RM10.51 million as at end-March this year, of which RM4.9 million are short-term borrowings. On the other hand, it had a cash and cash equivalent of RM3.17 million.
Shares in Majuperak closed half a sen or 4.35% to 11 sen on Tuesday, giving the group a market capitalisation of RM31 million. The stock has fallen 46% since end-December last year.
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