The sale of properties includes two plots of industrial land in Klang, Selangor, measuring about 18,211 sq m and 18,186 sq m, respectively, together with a detached factory/warehouse and office building erected on each property.

In a filing with Bursa Malaysia today, the group said the sale consideration would be satisfied partly by cash and partly financed through internally or externally generated funds.

Wasco said the exercise would streamline the properties of the group to the respective operating unit for efficiency purposes.

The group said the transaction would be an internal group transfer of properties for operational efficiencies, and as such, there would be no externally generated proceeds from the transaction.

It said the sale would not have any effect on the group’s share capital, substantial shareholdings, net assets, earnings as well as gearing.

“Barring any unforeseen circumstances, the sale of properties is expected to be completed on or before the first quarter of 2024 (Q1 2024),” it added.

At the close of trading, Wasco’s share price was up by 50 sen or 0.51% at RM1, giving it a market capitalisation of RM771 million.