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- The company's wholly-owned units, Exceed Concept Sdn Bhd and Pedoman Ikhtisas Sdn Bhd, inked sale and purchase agreements with EZT Property Management Sdn Bhd and Brillion Land Sdn Bhd for the disposal.
KUALA LUMPUR (Jan 9): Property developer Global Oriental Bhd (KL:GOB) said it is disposing of 18 retail units in its Pavilion Embassy project in Kuala Lumpur for RM35 million to pare its borrowings.
The company's wholly-owned units, Exceed Concept Sdn Bhd and Pedoman Ikhtisas Sdn Bhd, inked sale and purchase agreements with EZT Property Management Sdn Bhd and Brillion Land Sdn Bhd for the disposal, according to an exchange filing on Friday.
Datuk Ng Wai Sam owns all but one share in both EZT Property and Brillion Land, which is held by Cheah Kang Hwee.
Pedoman Ikhtisas is the developer of Pavilion Embassy on Jalan Ampang, which was completed in November 2023.
Global Oriental noted the RM35 million price tag is a premium to the properties’ latest net book value of RM25.2 million and the latest valuation of RM25.7 million, as ascribed by PA International Property Consultants (KL) Sdn Bhd in May 2025.
The disposal is expected to generate a net gain of RM7.4 million, the company said.
The proceeds, it said, will go towards reducing its trade payables and borrowings as well as fund working capital.
Global Oriental anticipates completing the deal within three months.
Shares in Global Oriental ended unchanged at 11.5 sen, valuing the company at RM52.29 million.
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