Glovemaker Careplus offloads retail asset for RM42m in new-energy vehicle pivot

PETALING JAYA (July 7): Careplus Group Bhd has proposed to dispose of a Seremban retail complex together with the underlying land for RM42 million cash to Delloyd Asset Portfolio (M) Sdn Bhd, with proceeds earmarked mainly for its new-energy vehicle (NEV) manufacturing hub and repayment of borrowings.

In a Bursa filing yesterday, the group said its wholly-owned subsidiary Careplus Properties Sdn Bhd entered into a conditional sale and purchase agreement on July 6 for the disposal of the property held under Geran 129593, Lot 22174, Pekan Bukit Kepayang, Seremban, Negeri Sembilan, measuring 437,876 sq ft, together with a purpose-built single-storey retail complex with a mezzanine floor. The proposed disposal is classified as a non-related-party transaction.

The RM42 million disposal consideration was arrived at on a willing-buyer willing-seller basis and is equivalent to the property’s market value as assessed by Henry Butcher Malaysia Sdn Bhd using the comparison method. The property had an audited net book value of RM36.44 million as at June 30, 2025 and is expected to generate a pro forma gain of approximately RM2.09 million.

Careplus plans to allocate RM27.31 million, or 65% of proceeds, towards construction of its NEV manufacturing hub and equipment purchases, while RM13.36 million will be used for repayment of borrowings linked to the project. The group said the repayment is expected to reduce gearing from 0.14 times to 0.08 times on a pro forma basis.

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