KUALA LUMPUR (Nov 16): Apex Equity Holdings Bhd is disposing off the 11-storey Menara Apex in Kajang, together with the land, for RM55 million to Era Edu Sdn Bhd, which operates the New Era University College education arm.

Taking into account related expenses and taxes, Apex Equity estimates net proceeds of RM49.95 million, with an actual gain on disposal of RM39 million.

The proceeds would be utilised for working capital, it added.

Apex Equity said the unaudited net book value of the property stood at RM10.95 million at end-June.

The 29-year-old property cost the group RM21.33 million, including subsequent renovations. It is currently underutilized, with three tenants and several telco providers at the roof top.

“The proposed disposal is on ‘as-is-where-is’, ‘lock stock and barrel’ and willing-buyer-willing-seller basis at the disposal price, subject to the property being free from all encumbrances,” said Apex Equity.

At the time of writing, shares of Apex Equity rose one sen or 0.94% to RM1.07, giving it a market capitalisation of RM214.8 million. The counter is down 10% this year.