KUALA LUMPUR: JAKS Resources Bhd's (JRB) wholly-owned subsidiary JAKS Solar Power Sdn Bhd has entered into two separate sale and purchase agreements to dispose of 13 pieces of freehold land in Seberang Perai Selatan, Penang, for RM77.74 million.

In a filing with Bursa Malaysia yesterday, JRB said that JAKS Solar Power will dispose of a total of 72.23 hectares of land to Summersonic Sdn Bhd (SSB) and Pacific Arena Sdn Bhd (PASB).

According to the group, four pieces of freehold land will be sold to PASB for RM35.94 million, while the remaining nine pieces will be sold to SSB for RM41.80 million.

"The proposed disposal, expected to be completed by the third quarter of 2025, will enable JRB and its group of companies to realise the value of these properties and generate funds.

"This will result in a net gain for the group, enhancing both its financial performance and position," the group said.

JRB added that the proceeds from the proposed disposal will be utilised to repay borrowings and for working capital purposes.