In a filing to Bursa Malaysia, Malaysia Pacific Corporation Berhad (MPCB) announced that it had successfully sold off its wholly-owned asset, Wisma MPL, in Kuala Lumpur to Asia New Venture Capital Holdings Sdn Bhd (Asia New Venture) for a total cash consideration of RM189 million.
Wisma MPL commands a gross floor area (GFA) of approximately 229,954 sq ft with a net lettable area (NLA) of approximately 99,018 sq ft. The building also has 164 individual units now owned by MPCB located at the podium. These individual units have an NLA of 65,479 sq ft. MPCB currently occupies 33,539 sq ft of the podium area.
Previously, MPCB held two separate auctions for Wisma MPL – one dated 10 July 2017 and the other on 30 May 2018. Both auctions were aborted as there were no bidders.
After considering MPCB’s best efforts to dispose of Wisma MPL, MPCB decided to accept the offer from Asia New Venture in order to use the disposal proceeds to repay its defaulted facilities. The disposal price of RM189 million is RM5 million or approximately 2.7% higher than the forced sale value/reserved price fixed at RM184 million for the aborted third auction.
MPCB mentions in the filing that the Sales and Purchase Agreement (SPA) for Wisma MPL will not affect the individual units in any way. MPCB is also not aware of the purchaser’s future plan for Wisma MPL after the completion of the SPA.
Asia New Venture Capital Holdings Sdn Bhd is a private limited company which was incorporated in Malaysia in 2018. Its core business includes construction of buildings, activities of holding companies and venture capital companies.
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