KUALA LUMPUR, July 11 — Jasa Kita Bhd’s wholly owned subsidiary, JKB Development Sdn Bhd, today entered into a conditional sale and purchase agreement with Logik Damai Sdn Bhd to dispose of four parcels of freehold industrial land for RM38 million.

In a filing with Bursa Malaysia today, the company said the four parcels, measuring 14,086 square metres and including a single-storey detached warehouse and a guard house, are located in Gombak, Selangor.

“The group is principally involved in the trading and distribution of industrial tools and equipment, including electric power tools, electric motors, mechanical hand tools, mechanical air tools, and bathroom products.

“As part of its business operations, part of the subject property is currently being used as a warehouse to store inventories,” it said.

In conjunction with the proposed disposal, the company intends to revise the utilisation of proceeds from the earlier disposal by JKB Development of a leasehold industrial land in Setapak, Kuala Lumpur, which was sold for RM43.08 million and completed on June 4, 2024.

It also announced a proposed special cash dividend of 12 sen per ordinary share in Jasa Kita, amounting to approximately RM53.95 million, to be distributed to entitled shareholders on a date to be determined and announced later.

The company said the proposed disposal and tenancies would allow the group to meet its objectives without disrupting its existing business operations.

These objectives include unlocking and monetising the value of the subject property, improving the group’s financial position and performance, while allowing continued use of the property for ongoing business activities through the proposed tenancies.

“With regard to the proposed variation and special dividend, and considering the lack of suitable business opportunities and assets, the company believes distributing the proceeds as a special dividend is an appropriate way to reward shareholders,” it added.

Barring any unforeseen circumstances and subject to the necessary approvals, the proposals are expected to be completed by the fourth quarter of 2025.

TA Securities Holdings Bhd has been appointed as the principal adviser for the proposed disposal and variation. — Bernama