KUALA LUMPUR (March 9): Able Global Bhd — through its 70%-owned subsidiary Able Development Sdn Bhd (ADSB) — plans to sell its 23.538-acre land in Kuala Langat, Selangor, for RM18.45 million.
In a bourse filing on Thursday (March 9), Able Global said ADSB, being the vendor of the deal, had entered into a sale and purchase agreement with the purchaser Able Perfect Sdn Bhd (APSB).
The transaction is deemed to be a related party transaction (RPT) as Ng Keng Hoe, also known as Huang Qinghe, is the director of ADSB, as well as the director and major shareholder of APSB with a 40% stake.
Ng is also an executive director and substantial shareholder of Able Global — formerly known as Johore Tin Bhd — with a 12% stake or 37.91 million shares.
It is worth noting that the remaining 30% stake of ADSB is owned by Md Desa Pachi. As for APSB, the remaining 60% is jointly-owned by Lai Shin Lin (54%) and Datuk Heng Hong Him (6%).
“Barring any unforeseen circumstances, the disposal is expected to be completed in 36 months,” said the group in its filing.
The land is expected to have a net book value of RM13.5 million, with a realised gain of about RM5 million.
“On the assumption that the disposal will be completed, the disposal is expected to realise an estimated gain of RM5 million, which translates into an earnings per share (EPS) of approximately 1.2 sen, net of tax,” said Able Global.
Shares of Main Market-listed Able Global closed two sen or 1.52% higher at RM1.34, giving it a market capitalisation of RM419.03 million.
Source: TheEdge - 10 Mar 2023
