Ajiya to sell Puchong factory for RM58 million cash
The price is about 45% above the property's RM40 million valuation, with completion expected by the first quarter of 2027.
Ajiya Bhd has agreed to dispose of its Puchong industrial property to healthcare products manufacturer Esprit Care Sdn Bhd for RM58 million in cash. The building materials manufacturer expects a net gain of RM25.45 million before related costs, according to its Bursa Malaysia filing.
The sale agreement was signed by Ajiya Safety Glass Sdn Bhd, its wholly-owned subsidiary. Ajiya said production capacity from the factory had already been transferred to its main facility, so the disposal would not affect operations or manufacturing output.
The freehold site in Selangor measures 13,536 sq m, equivalent to 145,700 sq ft. It contains a factory with one storey and an office building with two storeys, providing about 9,835 sq m of built-up space.
CBRE WTW Valuation & Advisory Sdn Bhd put the property's value at RM40 million as at Sept 10, 2026, Ajiya said. The agreed price represents about RM398 per sq ft against the valuer's estimate of about RM275 per sq ft. The property's net book value was RM37.03 million at end-December 2025.
Ajiya said it intends to direct the proceeds towards working capital, expansion, potential investments and a possible dividend distribution. No shareholder approval is needed, and the company expects completion by the first quarter of 2027.
Esprit Care's ownership is split equally between Wong Han Choong and Chua Chun Siang. Both serve as directors alongside Chai Sek Ying.
