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IVORY Properties Group Bhd is selling The Birch House, a double-storey heritage building in George Town, Penang, for a total consideration of RM18 million.
In a Bursa filing today, Ivory said it has entered into a sale and purchase agreement (SPA) with ENS Timah Sdn Bhd for the proposed disposal of the building, which was previously the office of Eastern Smelting and now houses a McDonald’s outlet.
The expected net gain from the sale is approximately RM7.28 million.
Ivory acquired the building for RM14 million in 2013, and the net book value as of March 31, 2024, is RM10.72 million.
This disposal forms part of Ivory’s regularisation plan following its classification under Practice Note 17 (PN17) by Bursa Malaysia.
The move also follows legal action taken by Bank Islam Malaysia Bhd due to unpaid loan instalments on the property, making the disposal a strategic step to resolve the issue. — TMR
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