PETALING JAYA: Ann Joo Resources Bhd

, via a joint venture (JV) between its indirect subsidiary Gurun Heavy Industrial Park Sdn Bhd (GHIP) and Transyear Sdn Bhd, is disposing of a 62.395-acre plot of land at the Gurun Heavy Industrial Park, Kedah to Zichen Malaysia Sdn Bhd for RM119.59mil.

In a filing with Bursa Malaysia, Ann Joo said the disposal is part of the joint development of the Gurun Heavy Industrial Park under the existing JV agreement between GHIP and Transyear.

“The disposal enables GHIP, via its JV with Transyear, to develop and monetise its industrial landbank progressively.

“The disposal is expected to enhance future cash flow and earnings visibility for the group,” said Ann Joo.

On Dec 15, 2025, GHIP entered into a JV agreement with Transyear to develop and market a freehold industrial land in Kuala Muda, Kedah, measuring approximately 160.87 acres. GHIP is the registered owner of the land.