Naim to sell land in Samarahan for RM223.38 mln

KUCHING (July 3): Naim Holdings Bhd’s wholly-owned unit, Naim Land Sdn Bhd has proposed to dispose of 180.8 hectares of land in Samarahan to Onlyee Flora Sdn Bhd for RM223.38 million.

The property developer said the proposed cash disposal is part of the group’s ongoing commitment to ensure long-term sustainability in its business operations in a tight property market, dominated by substantial unsold properties as reported by the National Property Information Centre.

“With the available proceeds from the proposed disposal, the group would be able to pare down part of its borrowings (about RM67.50 million) and provide adequate working capital (about RM155.88 million) to ramp up its focus towards developing affordable homes,” Naim said in a filing with Bursa Malaysia today.

It also said that its board believes the exercise would provide an opportunity to realise gains and unlock the value of its investment at a fair and reasonable market value.

The company said as the proposed disposal is expected to be completed by the second quarter of 2025, it is not expected to have any material effect on the group’s earnings and earnings per share for the financial year ending Dec 31, 2024.

“However, based on the estimated completion time, the board of directors expects the proposed disposal to contribute positively to Naim group’s earnings and earnings per share for the year ending December 2025 upon its completion,” it said. – Bernama