• The disposal will be undertaken by Everise Project Sdn Bhd, a 60%-owned subsidiary of UOA Development, which signed the sales and purchase agreements with RHB Trustees Bhd, the trustee of UOA REIT. The assets carry a combined book value of RM157.4 million.

KUALA LUMPUR (Oct 2): UOA Development Bhd (KL:UOADEV) is transferring three properties in UOA Business Park, near Subang Jaya, to UOA Real Estate Investment Trust (KL:UOAREIT) in a related-party deal worth RM200 million.

The deal, expected to be completed by the fourth quarter of 2025, will see UOA Development book a net disposal gain of RM35.8 million, the group said in a filing with Bursa Malaysia.

The group said proceeds from the sale will be used to reduce debts, meet working capital needs and finance the development of a new commercial building adjacent to UOA Business Park.

The disposal will be undertaken by Everise Project Sdn Bhd, a 60%-owned subsidiary of UOA Development, which signed the sales and purchase agreements with RHB Trustees Bhd, the trustee of UOA REIT. The assets carry a combined book value of RM157.4 million.

The properties include Tower 2A, valued at RM55.7 million, and Tower 2B, valued at RM54.8 million—both to be settled fully in cash. The third property is the UOA Business Park's car park, priced at RM89.5 million, which will be paid for via the issuance of 107.83 million new UOA REIT units at 83 sen apiece. This represents a discount to UOA REIT’s net asset value of RM1.423 per unit as at end-December 2024.

The sale is deemed a related-party deal involving interested directors of UOA Development and major shareholders Kong Chong Soon @ Chi Suim and Kong Pak Lim.

Shares of UOA Development closed up two sen or 1.10% to RM1.84 on Thursday, valuing the group at RM4.89 billion. UOA REIT units closed unchanged at 82.5 sen, valuing the trust at RM557.4 million.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.

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