Beshom’s RM85.8m Kapar land disposal gets ministry no-objection

PETALING JAYA (Sept 22): Beshom Holdings Bhd said the Ministry of Economy has raised no objection to its proposed RM85.8 million disposal of three freehold industrial land parcels in Kapar, Klang.

The group, whose principal businesses comprise wholesale and retail, multi-level marketing, pharmaceutical manufacturing and Chinese medicinal clinics, said the ministry conveyed its no-objection in a letter dated Aug 21.

Beshom was notified of the letter on Monday (Sept 21), it said in a Bursa Malaysia filing on Tuesday (Sept 22).

The proposed sale remains conditional on purchaser JT Development Sdn Bhd (JTD) obtaining Kebenaran Merancang, or planning permission, from the relevant authorities.

JTD’s application is still being processed. The company will apply for building plan approval after obtaining planning permission, Beshom said.

Beshom’s wholly owned subsidiary Hai-O Enterprise Bhd entered into a sale and purchase agreement with JTD on June 16 to dispose of the three parcels, measuring a combined 58,994 sq m, or about 14.58 acres.

Located at Mukim Kapar, Tempat Batu 3½, Jalan Kapar, the properties comprise a 6.74-acre parcel and two parcels measuring about 3.92 acres each.

KGV International Property Consultants (M) Sdn Bhd valued the properties at a combined RM85.8 million as at June 4, matching the agreed disposal consideration.

JTD, which is principally involved in building construction, is wholly owned by its sole director Tan Chee Chuan. The purchaser’s intended development for the land has not been disclosed.

Beshom revised its estimated net pro forma gain from the disposal to RM53.27 million in August, from RM52.78 million previously. The revised estimate reflected, among other things, the properties’ audited net book value of RM26.49 million as at April 30, 2026 and a lower estimated real property gains tax amount.

Beshom had previously targeted completion of the disposal in the first quarter of 2027, subject to fulfilment of the required conditions.

..........

EdgeProp monthly brings you data, insights and solutions for an evolving market. Subscribe now for your free copy!