Mudajaya to sell four Ijok land parcels for RM36.8mil

KUALA LUMPUR: Mudajaya Group Bhd has proposed to dispose of four parcels of freehold land in Ijok, Selangor, with a combined area of about eight hectares, for a total consideration of RM36.8mil.

In a filing with Bursa Malaysia, Mudajaya said its wholly-owned subsidiary, Mudajaya Corporation Bhd (MCB), entered into a sale and purchase agreement with Serba Wangi (KL) Sdn Bhd for the disposal.

The land parcels, located along Bukit Badong Road in Mukim Ijok, Kuala Selangor, have a combined area of approximately eight hectares, comprising three lots measuring 2.0234 hectares each and one lot measuring 1.92 hectares.

Mudajaya said the properties comprise a mix of industrial and agricultural lots, with some designated for industrial and light industrial use, while others are zoned for agricultural purposes such as oil palm cultivation.

The company originally acquired the properties between 1997 and 2012 at a total cost of about RM9.6mil.

“The proposed disposal forms part of the group’s strategic initiative to monetise its non-core assets and unlock value while at the same time strengthening its cash position to meet working capital requirements and other operational needs,” Mudajaya said.

The net proceeds from the proposed disposal, after deducting related fees and expenses, will be used to boost working capital and fund investments aligned with the group’s long-term goals. The quantum and timing of utilisation will depend on the proceeds received and the group’s capital needs at the time.