Asian Micro Capital (AMC), the subsidiary of Asian Micro Holdings, entered into a sale and purchase agreement on Jan 11 to sell its commercial office unit at Gurney Tower in Penang, Malaysia to Pang Swee Lin for RM515,000 ($169,000).

The proposed disposal constitutes a disclosable transaction under Catalist rules.

The office unit is a freehold property located at No. 18-26-A3 Gurney Tower at Persiaran Gurney, 10250 in Penang, Malaysia. It comes with a gross floor area (GFA) of about 60 sqm and is currently held for rental purposes.

Pang, an independent unrelated third party, is the owner of the adjoining unit of the property.

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The consideration comprises of RM460,000 being the purchase price and RM55,000 in renovation costs, resulting in a total of RM515,000 to be fulfilled in cash.

AMC says it decided to dispose the property after the recent termination of the last lease by AMC’s tenant due to the current pandemic situation.

The net proceeds from the disposal will be placed in short-term deposits and may be used for the group’s working capital purposes.

Shares in Asian Micro Holdings closed 0.4 cent higher or 33.3% up at 1.6 cents on Jan 11.