UOA Development Unit Sells Properties Worth RM200 Mln To UOA REIT Trustee

KUALA LUMPUR, Oct 2 (Bernama) -- UOA Development Bhd’s 60 per cent-owned subsidiary, Everise Project Sdn Bhd, has entered into three conditional sale and purchase agreements (SPAs) worth RM200 million.

The company said the agreements were signed with RHB Trustees Bhd, the trustee of UOA REIT, for the sale of the “subject properties.” 

“The conditional sales are expected to be completed in the fourth quarter of 2025,” it said in a stock exchange filing.

UOA Development said the SPAs involve the conditional sale of UOA Business Park Tower 2A for RM55.7 million and UOA Business Park Tower 2B for RM54.8 million, both of which will be satisfied entirely in cash.

The third agreement is for the conditional sale of the UOA Business Park car park for RM89.5 million, to be satisfied via the issuance of 107.83 million new units in UOA REIT at an issue price of 83 sen per unit.

“The rationale and benefits of the conditional sales include the issuance of the consideration units at 83 sen per unit, representing a discount to UOA REIT’s net asset value (NAV) of RM1.423 per unit as at Dec 31, 2024,” it added.

The company said proceeds from the Tower 2A and Tower 2B sales will be utilised for the development of a commercial building on land adjacent to UOA Business Park, as well as for debt reduction and working capital purposes.

-- BERNAMA