Rapid Synergy disposes of land for RM35mil

PETALING JAYA: Rapid Synergy Bhd (RSB) is disposing of two parcels of leasehold land (with buildings erected thereon) totalling 17,013 sq metres in the district of Barat Daya, Penang, to Osram Opto Semiconductors (Malaysia) Sdn Bhd for RM35mil.

In a filing with Bursa Malaysia, RSB said the proposed disposal presents an opportunity for the company and its subsidiaries to unlock and realise the appreciating value of the property to realise cash flows to fund working capital and / or repayment of bank borrowings of the group.

The company noted that it is expected to report gain of approximately RM26mil from the proposed disposal.

RGB said proceeds from the disposal will be used for loan redemption, Real Property Gains Tax, working capital and other expenses.

“Barring any unforeseen circumstances, the proposed disposal is expected to be completed within approximately nine months to 12 months from the date of the agreement, or such other date as may be mutually agreed between the parties.”