Ivory to sell Penang asset for RM18mil

PETALING JAYA: Practice Note 17 (PN17) company Ivory Properties Group Bhd had inked a sale and purchase agreement with ENS Timah Sdn Bhd for the disposal of a commercial building in Georgetown, Penang for a cash consideration of RM18mil.

In a filing with Bursa Malaysia, the group said proceeds from the sale of the 18,710 sq ft property would be used primarily for loan repayment with any surplus allocated as working capital.

Ivory is expected to obtain a net gain of RM7.28mil from the proposed disposal, after taking into account the net book value of the property of RM10.72mil as of March 31, 2025.

The transaction is also expected to reduce the group’s gearing ratio from 2.19 times to 1.61 times and increase its net asset per share by RM1.49 sen, based on the latest audited financials as of March 31, 2024.