AmFirst REIT is disposing of its Menara AmFirst to Forever Backup Sdn Bhd for a proposed cash consideration of RM62 million exclusive of sales and services tax.
Maybank Trustees Beehad is acting solely in the capacity as trustee for and on behalf of AmFIRST REIT and has agreed to sell the property to the purchaser.
The disposal price was arrived at a willing-buyer willing-seller basis after taking into account the market value of the property of RM64.6 million as appraised by Rahim & Co International Sdn Bhd, an independent firm of registered valuers. The valuation is derived using the investment and comparison method of valuation and is above the Disposal Price.
AmFirst Reit is expected to incur a net loss from the disposal to be approximately RM4.93 million however the loss will not have a significant impact on the earnings. Proceeds from the disposal will be utilised to repay existing borrowings, net proceeds are expected to be utilised within 12 months from the date of completion of the Proposed Disposal.
