KUALA LUMPUR (Jan 15): Seacera Group Bhd is selling a 72,770 square metre land in Taiping, Perak, to AT Systematization Bhd’s glove unit for RM10.5 million.

The land being sold to AT Glove Engineering Sdn Bhd was valued at RM11.7 million by an independent valuer in June 2015, Seacera said in a filing to Bursa Malaysia.

“The proposed disposal is to divest some assets in raising cash to repay creditors and bank loans,” the group said, adding that the proceeds would also be used for working capital requirements.  

The deal is deemed to be a related party transaction because Asiabio Capital Sdn Bhd (ACSB) is a major shareholder of Seacera and AT Systematization.

According to Seacera’s annual report for the financial year ended June 30, 2020, ACSB controls a 19.17% stake in the group.

ACSB, which is wholly owned by Fintec Global Bhd, also holds a 28.29% stake in AT Systematization.

Seacera’s share price finished unchanged at 22 sen, valuing the group at RM105.98 million.

AT Systematization rose one sen or 5.71% to 18.5 sen for a market capitalisation of RM782.38 million.

Fintec Global closed unchanged at eight sen, with a market value of RM235.43 million.