Beshom raises estimated gain on RM85.8m Kapar land disposal to RM53.27m

PETALING JAYA (Aug 28): Beshom Holdings Bhd has raised its estimated net pro forma gain from the proposed RM85.8 million disposal of three industrial plots in Kapar, Klang, to RM53.27 million from RM52.78 million previously.

The revised estimate comes as Beshom seeks shareholders’ approval for the transaction, which was first announced on June 16.

In a Bursa Malaysia filing on Friday (Aug 28), Beshom said the three freehold parcels, measuring a combined 14.58 acres or 635,027 sq ft, are proposed to be sold by its wholly-owned subsidiary Hai-O Enterprise Bhd to JT Development Sdn Bhd (JTD) for RM85.8 million.

Shareholders will vote on the proposed disposal at an extraordinary general meeting on Oct 8.

Beshom’s businesses include multi-level marketing, retail and wholesale operations.

The latest estimated net pro forma gain takes into account the properties’ audited net book value of RM26.49 million as at April 30, 2026, RM202,000 in other permissible expenses, RM500,000 in estimated transaction expenses and RM5.33 million in estimated real property gains tax.

This compares with the RM52.78 million estimated net pro forma gain disclosed in June, which was calculated using the properties’ audited net book value as at April 30, 2025 and estimated RPGT of RM5.81 million.

Proceeds plan revised

Beshom has also revised how it intends to use the RM85.8 million proceeds.

It plans to allocate RM42.97 million for working capital and RM28 million to acquire a new warehouse.

Another RM3 million each is earmarked for a new Tenaga Nasional Bhd substation and other infrastructure, refurbishment and upgrading works, and the expansion, relocation or refurbishment of retail chain stores.

A further RM5.33 million is set aside for RPGT and RM500,000 for transaction-related expenses.

The RM28 million warehouse allocation is unchanged from June, but Beshom has extended the expected acquisition timeframe to 24 months from completion of the disposal, from 12 months previously.

The group said its existing warehouse spaces are fully utilised. If the acquisition does not materialise within the expected timeframe or the allocation is not fully used, the balance may be redirected to general working capital.

Of the RM42.97 million working-capital allocation, RM29.97 million is expected to be placed in money-market funds or deposits with financial institutions pending deployment.

Beshom said any excess funds after meeting the group’s operational requirements may be distributed to shareholders, subject to a further assessment by the board after completion of the proposed disposal.

Kapar land valued at RM85.8m

The three industrial plots are located at Mukim Kapar, Tempat Batu 3½, Jalan Kapar, and comprise a 6.74-acre parcel and two parcels of about 3.92 acres each.

KGV International Property Consultants (M) Sdn Bhd valued the properties at RM85.8 million using the comparison approach, matching the agreed consideration.

The valuer adopted rates of RM141 psf for the largest parcel, RM131 psf for the second and RM130 psf for the third.

According to the circular, the properties are directly opposite the Grand Sepadu Highway toll plaza, with links to North Port and Port Klang.

The sites were valued in their existing unimproved condition, with land clearing, earthworks and infrastructure to be borne by the purchaser.

JTD, incorporated in May 2024, is principally involved in building construction. Its sole director and shareholder is Tan Chee Chuan.

Beshom and KGV said they were not aware of JTD’s intended development proposal for the sites.

Approvals still pending

The proposed disposal remains conditional on shareholders’ approval, a Ministry of Economy letter of no objection and approvals from Majlis Bandaraya Diraja Klang.

JTD submitted its Ministry of Economy application on July 20 and its Kebenaran Merancang application to the local authority’s One Stop Centre on July 27. Both remained pending as at Aug 12, the circular’s latest practicable date.

The building plan application can only be submitted after Kebenaran Merancang approval is obtained.

Beshom expects the proposed disposal to be completed in the first quarter of 2027, subject to all required approvals being obtained.

The group said the transaction would unlock the value of the land and strengthen its financial position while supporting warehouse capacity, working-capital requirements and retail-network initiatives. Its board has recommended that shareholders vote in favour of the proposed disposal.

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