Ajiya

AJIYA Bhd is divesting two adjoining parcels of freehold industrial land in Seremban, Negeri Sembilan, for a total of RM51.94 million in a move to monetise its non-core assets and strengthen its financial position.

The properties are owned by its wholly-owned subsidiaries, Ajiya Safety Glass Sdn Bhd (ASG) and Asia Roofing Industries Sdn Bhd (ARI).

ASG entered into a sale and purchase agreement (SPA) on June 24, 2025 to dispose of a 36,967 sq metre plot for RM29.76 million to Kumkang Kind (M) Sdn Bhd.

Meanwhile, ARI inked its SPA on August 4, 2025 to sell a 27,102 sq metre plot to H.H Hardware Sdn Bhd for RM22.18 million.

Both parcels are located in Setul, Seremban, and are currently registered under Sime Darby Property (Nilai) Sdn Bhd, with the titles yet to be transferred to the vendors.

As such, the transactions will proceed via direct or double transfer mechanisms, depending on the developer’s consent.

Ajiya expects to record estimated gross pro forma gains of RM2.86 million and RM2.51 million from the respective disposals, after accounting for net book values and reversal of deferred tax liabilities.

Proceeds from the disposals will be used to support Ajiya’s working capital requirements, fund business expansion initiatives, and channelled into other business activities anticipated to deliver better returns.

The company expects to fully utilise the funds within 24 months of completion.

The group said that the sale is in line with its strategy to unlock value from non-core assets, enhance liquidity, and optimise its asset portfolio to support long-term shareholder value creation.

It added that the disposals are not expected to materially affect its earnings, net assets, or gearing for the financial year ending 31 December 2025.

Barring any unforeseen delays, Ajiya expects the transactions to be completed by the fourth quarter of 2025. — TMR

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