Ecofirst Consolidated has proposed to dispose of fifteen units of retail shops for a total cash consideration of RM23,820,000.00.
The Proposed Disposal entails the disposal of retail shops located at Liberty Arc @ Ampang Ukay erected on all that piece of freehold land on an “as is where is” basis free from all encumbrances with vacant possession, but subject to all conditions of title and all restrictions in interest express or implied affecting the same and the existing category of land use affecting the Properties.
It said the disposal price was arrived at based on audited net book value and the negotiations between the parties on a “willing buyer willing seller” basis after taking into consideration the market value of the 37 retail shops and 1 retail shop that comes with 284 car parking bays located in Liberty Arc @ Ampang Ukay as appraised in a valuation report dated 24 May 2023 by the valuer, CCO & Associates (KL) Sdn Bhd market value of the Valued Properties.
The total market value of the Valued Properties certified by the Valuer on 24 May 2023 is RM54,200,000.00 which is inclusive of the market value of the Properties amounting to RM23,820,000.00.
Ecofirst said the disposal provides an opportunity for the group to realise its properties which have increased in value since its completion in the year 2019, and to provide immediate cash flow that can be channelled towards the business operations for its working capital purposes. It said some of the properties are currently rented out and generating rental income for the group.
