TBKS HLDGS's subsidiary plans to sell a property in Johor, Malaysia for 11.4624 million Malaysian Ringgit
TBKS HLDGS announced that its wholly-owned subsidiary Tan Bock Kwee & Sons Sdn. Bhd. has reached an agreement with Zhongya Holdings (Malasia) Sdn. Bhd. to sell a property located in Johor, Malaysia, with a total transaction price of MYR 11.4624 million. The property consists of four parcels of freehold land, with a total area of approximately 12,101 square meters. The board believes that this sale represents a good opportunity to realize the property's value at a reasonable price and will enhance the company's financial condition and liquidity
According to the announcement from TBKS HLDGS (01960), on April 24, 2025, the seller Tan Bock Kwee & Sons Sdn. Bhd. (a wholly-owned indirect subsidiary of the company) entered into an agreement with the buyer Zhongya Holdings (Malasia) Sdn. Bhd., under which the seller has agreed to sell and the buyer has agreed to purchase the property for a total price of MYR 11.4624 million. As of the date of this announcement, the sale has been completed on August 25, 2025, and the full price has been paid by the buyer to the seller in accordance with the agreement.
The group holds all rights to the property through the seller, which is located in Johor, Malaysia, consisting of four plots of land designated for light industrial use with permanent ownership, totaling approximately 12,101 square meters. The property was previously mortgaged to a Malaysian bank as collateral for the seller's bank financing, and the mortgage has been released by the bank for the sale, on the condition that after the completion of the sale, MYR 1 million from the proceeds of the sale will be mortgaged as collateral for the seller's bank financing.
The company is an investment holding company, and its subsidiaries mainly engage in civil and structural engineering in Malaysia and China, as well as the trade of oil and related products in China. Considering the group's current financial condition and expected liquidity needs, as well as the prospects of the Malaysian property market, the board believes that the sale represents a good opportunity for the company to realize the value of the property (which was vacant at the time of sale) at a reasonable price, and the proceeds from the sale can generate additional working capital, thereby improving the group's financial condition and enhancing liquidity. The board of directors (including independent non-executive directors) believes that the terms and conditions of the sale are established on normal commercial terms, are fair and reasonable, and are in the overall interests of the company and its shareholders
