APB Resources plans RM45 million sale of Shah Alam office building
The buyer is a Selangor government-owned company, while RM37.1 million of the proceeds is earmarked to repay bank borrowings.
APB Resources Bhd has signed a conditional agreement to sell Menara APB in Shah Alam for RM45 million in cash to Darul Ehsan Investment Group Bhd. In a bourse filing, APB Resources identified the buyer as a wholly-owned subsidiary of Menteri Besar Selangor Inc.
The company expects the disposal to generate a net gain of RM3.23 million after accounting for its initial investment, real property gains tax and transaction expenses. Completion is anticipated by the second quarter of 2027, with shareholders’ approval required at an upcoming extraordinary general meeting.
APB Resources plans to direct RM37.1 million towards bank debt repayment. The balance will cover working capital, real property gains tax and disposal expenses. It said the repayment would cut annual interest costs by RM1.67 million and bring net gearing down from 1.67 to 1.03 times.
The agreed price is 2.2% below Laurelcap Sdn Bhd’s RM46 million market valuation. The property had a net book value of RM38.84 million as of March 31, 2026.
Bought by APB Resources in 2024 for RM39.89 million, the building currently generates no rental income, the company said. It contains 16 office storeys and four basement carpark levels, with its lease running until May 2100.
APB Resources shares ended Friday unchanged at 14 sen, giving the company a market value of RM19.8 million. The stock has declined over 27% over the past year.
