The property was utilised by AMB as its corporate office and factory for the production of halal-certified umami seasoning, it said in a filing with Bursa Malaysia.

However, it said the property was no longer able to accommodate further expansion of the group’s production capacity.

The company said the proposed disposal would enable AMB to monetise its assets and improve its financial position.

“AMB is able to realise a net pro forma gain of approximately RM357.12 million from the disposal of the property,” it said in the filing.

Upon completion of the proposed disposal, the group has also proposed to distribute part of the gains of approximately RM128.89 million to all entitled AMB shareholders at an entitlement date to be determined later by way of a special dividend.

“The proposed special dividend is intended to reward AMB’s existing shareholders for their continuous support by returning excess cash after taking into consideration the intended amount to be utilised by the group,” it said.

Barring any unforeseen circumstances, the proposed disposal is expected to be completed by the first quarter of 2024 and the proposed special dividend is expected to be implemented within six months from the completion of the disposal, it added.

On Dec 12 last year, AMB officially opened its new eco-friendly factory on an 18.6ha site in Bandar Enstek Halal Hub in Negeri Sembilan.

The new factory is equipped with advanced technology that enables operational optimisation through digitisation and automation, according to the company.

In 1961, AMB commenced its business operations by introducing Ajinomoto, an imported umami seasoning, to the Kuala Lumpur market. This move marked AMB as one of the pioneering Japanese companies to establish its presence in Malaysia.

At market close today, AMB’s share price was up 28 sen or 1.78% at RM15.98, giving it a market capitalisation of RM971.56 million.