Its unit Walleng Enterprises Sdn Bhd is targeting property in London for investments after subscribing for 60% of British Virgin Islands-incorporated Westlink Global Investments Ltd.
It had subscribed for 60 shares of 1 sterling pound each in Westlink, or 60% at par cash. After the subscription, Walleng had committed to provide shareholders advances of up to 13.5 million pound sterling (RM80 million) to Westlink.
Westlink had entered into a sale and purchase agreement with LS Victoria Properties Ltd to purchase two freehold office buildings in Paddington, London for 50.5 million pound sterling. The property provides a net lettable space of 146,000 sq ft of retail and office accommodation which are currently let to a variety of tenants with approximately 94% occupancy. Based on current rentals from the tenants, the net rental yield on the property is approximately 8.65%.
The shareholder’s advance would be from its own funds and the group's bank borrowings.
Arising from the utilisation of available facilities for the shareholder’s advance, AMDB group’s gearing (net of cash and cash equivalents) will increase from 0.18 times to 0.39 times if fully disbursed.Walleng, whose core activities are property development and investment, has a paid-up is RM2.86 million.
AMDB's unit was selling its 35% stake in AM SGB Sdn Bhd to SGB-SMIT International GmbH, comprising of 15.19 million shares for cash consideration of RM31.25 million. After the disposal, AMDB's unit AMDB Technics Sdn Bhd would cease to be a shareholder of AM SGB. AM SGB's core activities are manufacturing and repairing of distribution transformers, cast resin transformers and power transformers for local markets and export. The group is expected to record a gain on disposal of approximately RM9.7 million from the Proposed Disposal based on the carrying value of RM21.5 million as at Aug 31, 2009.
Scan 14 Nov 2024
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Symbol TypeDateClose PriceVolume13 Day RSI
ABMB Overbought 11/14/2024 4.94 2769000 73.37
KEINHIN Overbought 11/14/2024 1.44 900 70.81
RANHILL Overbought 11/...
12 hours ago
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