Astro unit disposes of Cyberjaya property to AIMS for RM92 mil

PETALING JAYA (July 17): Astro Malaysia Holdings Bhd’s (AMH) wholly-owned subsidiary MEASAT Broadcast Network Systems Sdn Bhd (MBNS) has entered into a conditional sale and purchase agreement (SPA) with AIMS Central Sdn Bhd to dispose of a commercial property in Cyberjaya for RM92 million.

It said in a Bursa Malaysia filing today that the disposal is a non-related party transaction under Chapter 10 of Bursa Malaysia Securities Bhd’s Main Market Listing Requirements.

The property comprises 18,267 sq m (196,624 sq ft) of commercial land together with a six-storey technical building and ancillary buildings erected on the land at Lot 10032, Jalan Teknokrat 1/2, Cyberjaya, Selangor.

The freehold property, which is currently untenanted, was acquired by MBNS on Sept 1, 2006 for RM85.36 million. Its net book value stood at RM53.78 million as at Jan 31, 2026, based on MBNS’ latest audited financial statements.

AMH today said that the disposal consideration was arrived at on a willing-buyer willing-seller basis, taking into account an independent valuation by JLL Appraisal & Property Services Sdn Bhd.

JLL had valued the property at RM85 million as at March 2, 2026 using the Cost Method. The disposal consideration represents a premium to the independent valuation of RM85 million.

Under the SPA, AIMS will pay a 10% deposit amounting to RM9.2 million, with the remaining RM82.8 million payable within three months from the unconditional date.

The transaction is subject to the fulfilment of conditions precedent within six months from the date of the SPA, or such extended period as may be mutually agreed, including obtaining consent from the relevant State Authority.

AMH said the disposal would enable the group to realise the value of the property, which is a non-core asset, at a price above its independent market valuation and is expected to improve capital efficiency.

The net proceeds from the sale of approximately RM85.7 million will be utilised for working capital and/or other corporate purposes as and when required.

The transaction is expected to result in a net gain on disposal of approximately RM32.3 million, thereby contributing positively to the group’s earnings for the financial year ending Jan 31, 2027.

It is also expected to have a positive impact on AMH’s net assets and cash position upon completion.

The disposal will not have any effect on AMH’s issued share capital or substantial shareholders’ shareholdings. No shareholder approval is required as the highest percentage ratio applicable to the transaction under Paragraph 10.02(g) of the Main Market Listing Requirements is 7%.

The purchaser, AIMS Central Sdn Bhd, is a wholly-owned subsidiary of AIMS Data Centre Holding Sdn Bhd. Its principal activities include value-added network services, information services, system integration services, operation of data networks and network-based applications for corporations and building management.

The transaction is expected to be completed by January 2027, subject to the fulfilment of the SPA’s conditions.

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