“Glomac Bhd is disposing of two leasehold industrial land parcels in Puchong to Sunway’s property arm for RM97.3 million, with proceeds earmarked for debt repayment and interest cost reduction.”
Kuala Lumpur, 06th January 2026, 05.35pm – Glomac Bhd has agreed to dispose of two parcels of leasehold industrial land in Puchong, Selangor, to Sunway Bhd’s property arm for RM97.3 million, with the proceeds set to be used to pare down borrowings.
In a filing with Bursa Malaysia on Monday (Jan 5), the property developer said its wholly owned subsidiary, Glomac Al Batha Sdn Bhd, had entered into two separate sale and purchase agreements with Sunway Kiara Sdn Bhd. Sunway Kiara is a wholly owned unit of Sunway City Sdn Bhd, which serves as Sunway’s property development arm.
The two vacant industrial plots, located in Pekan Desa Puchong, have a combined land area of 27,397 square metres.
Glomac said the disposal allows the group to unlock value from its property assets while strengthening its balance sheet through the repayment of existing loans and a reduction in ongoing interest expenses.
Based on the properties’ net book value of RM78.2 million as at April 30, 2025, the transaction is expected to generate a net gain of approximately RM28.7 million for the group.
The sale consideration was agreed with reference to an indicative market value of RM100 million, as assessed by an independent valuer on Dec 29, 2025.
Completion of the transaction is targeted for the third quarter of 2027.
Shares in Glomac fell one sen, or 2.9%, to close at 33 sen prior to the announcement, giving the company a market capitalisation of RM264 million.
