Comintel enters into sale and leaseback agreement with ARREIT

KUALA LUMPUR: Comintel Corp Bhd has entered into a sale and leaseback agreement with AmanahRaya REIT (ARREIT), which entails selling its property in Shah Alam, Selangor for RM30 million cash and subsequently leasing it back from the real estate investment trust.

The said property comprises freehold land, a five-storey office building and a basement car park in Temasya Industrial Park.

In a filing with Bursa Malaysia yesterday, the IT outfit said the property (formerly industrial land) measures about 5,118 sq m (55,090 sq ft). According to its announcement, the group is expected to realise an estimated one-off gross gain of RM51,666 in relation to the proposed sale.

Comintel said the sale consideration for the property was arrived at on a “willing buyer, willing seller” basis and that the net book value of the property was RM29.95 million as at Jan 31, 2013 (after taking into account the revaluation for the property with an upward adjustment of RM7.84 million, which was carried out during the last financial year).

It added that the indicative market valuation on the property is RM30 million as assessed by C H Williams Talhar & Wong Sdn Bhd.


This article first appeared in The Edge Financial Daily, on April 24, 2014.