Home News MRCB-Quill to sell office building for RM28m

MRCB-Quill to sell office building for RM28m

Extract from The Sun Daily (8/1/2018)

PETALING JAYA: MRCB-Quill Real Estate Investment Trust (MQReit) is planning to sell its office building, known as Quill Building 8 - DHL (XPJ) for RM28 million cash, to repay loans, asset enhancement, property investment and working capital.

In a filing with Bursa Malaysia, MQReit said its trustee, Maybank Trustees Bhd has entered into a sale and purchase agreement with Transmark Corp Sdn Bhd (TCSB) for the proposed disposal. TCSB is involved in the trading of fitness equipment.

MQReit said the proposed disposal is in line with its strategy to regularly evaluate and rejuvenate its property portfolio. It noted that the disposal price came on a a willing-buyer willing-seller basis after taking into account the market value of the property of RM25 million dated Oct 17, 2017.

It said the expected net gain arising from the proposed disposal is approximately RM1.28 million. However, MQReit said it will not have significant impact to its earnings for the financial year ending Dec 31, 2018.

Barring any unforeseen circumstances, the proposed disposal is expected to be completed by the second quarter of this year.

MQReit slipped one sen or 0.82% to RM1.21 with 411,300 shares done.