A 49%-owned subsidiary of Catalist-listed Asian Micro Holdings is looking to sell three commercial office units in Penang Malaysia for a total consideration of RM1.55 million ($480,000).
The three commercial office units are located at Gurney Tower, Persiaran Gurney, 10250 Penang, Malaysia. They are freehold properties that have a gross floor area of about 164 square metres, and are currently held as investment properties for rental purposes.
The purchaser of the properties is Tye Suit Yean, an independent unrelated third party.
The consideration sum will be payable to Asian Micro Holdings in two parts, a deposit of RM310,000, and the balance RM1.24 million upon completion of the proposed disposal.
The group says that the estimated net proceeds from the proposed disposal are about RM1.532 million, which will be used for the group’s general working capital purposes to explore new opportunities in its property business.
Shares in Asian Micro Holdings closed 0.1 cent higher or 33.333% up at 0.4 cents on Sept 29.
