Ann Joo Unit To Dispose Of Penang Industrial Land To Axis REIT For RM800 Mln

KUALA LUMPUR, Nov 6 (Bernama) -- Ann Joo Resources Bhd’s (AJR) wholly-owned subsidiary, Ann Joo Steel Bhd (AJSB), has accepted a conditional letter of offer from Axis REIT Managers Bhd for a proposed disposal of a freehold industrial land in Prai, Penang, for RM800 million.

In a filing with Bursa Malaysia, AJR said the letter of offer, dated Nov 5, 2025, was issued by Axis REIT Managers Bhd, the management company of Axis Real Estate Investment Trust (Axis-REIT), on behalf of RHB Trustees Bhd, acting as trustee for Axis-REIT.

The disposal proposal involves 54.86 hectares of industrial land, along with its buildings, located in Bandar Prai, Seberang Perai Tengah, Penang.

“In conjunction with the proposed disposal, AJSB and RHB Trustees, on behalf of Axis-REIT, are proposing to enter into a lease agreement in escrow, whereby AJSB will lease the property to Axis-REIT commencing from the completion date of the sale and purchase agreement (SPA) in relation to the proposed disposal,” said AJR.

In a separate statement, Axis-REIT said that following the completion of the acquisition, AJSB will lease the property from Axis-REIT for a period of eight years at an initial monthly rental of RM4.16 million.

“The rental will be adjusted in accordance with the surrendering of space at the end of years five, six, and seven, respectively, in a manner to be determined in the SPA,” it added.

-- BERNAMA