Rapid Synergy Berhad has entered into a conditional sale and purchase agreement with Exsim for the proposed disposal of a parcel of freehold land the company holds for total consideration of RM39 million.
The freehold land is situated in Sri Hartamas, Kuala Lumper and is said to be developed into a mixed-use development area consisting of serviced apartments and retail units. The sale consideration will be paid by the purchaser by way of cash of RM26,500,000 and in kind by way of contra of properties from the units within the project for the sum of Ringgit Malaysia RM12,500,000.
The group said the proposed Sri Hartamas Disposal represents an opportunity for the group to unlock and realise the appreciating value of the property to realise cash flows to fund working capital and/or repayment of bank borrowings of RSB Group. Rapid Synergy will gain RM25.8 million from the sale.
