KUALA LUMPUR (Oct 9): Rapid Synergy Bhd is disposing of a freehold land in Desa Sri Hartamas, together with a five-storey commercial building, for RM32.39 million.

The building, known as Wisma Rapid, comprises 39 units of commercial lots with a basement car park level, the company said in a bourse filing.

Rapid Synergy expects to recognise a gain of RM20.07 million from the disposal of the land measuring 1,338 square metres to Segi Permai Sdn Bhd.

The group said it has earmarked RM22 million of the sale consideration for the redemption of a loan from UOB Bank.

Of the balance, RM7.42 million will be used for working capital requirement, RM2.31 million for the estimated real property gains tax, and RM662,000 to defray expenses related to the disposal.

Rapid Synergy said the disposal is expected to be completed by the first quarter of 2024.

Rapid Synergy's share price fell 14 sen or 0.56% to RM25.08 on Monday, bringing the group a market capitalisation of RM2.68 billion. Year-to-date, however, the stock has rallied 57%.