RIMBACO (01953) to Sell Two Plots in Malaysia for RM11.45 Million

Stock News11-18

RIMBACO (01953) announced that on November 18, 2025, its indirect wholly-owned subsidiary, Rimbaco, has agreed to sell two vacant and undeveloped plots of land to Critical M&E Engineering Sdn. Bhd. for a total consideration of RM11.45 million.

The plots include: (i) A 22,625-square-foot plot located at Perak Road Jelutong (identified as Geran 10843, Lot No. 616, Seksyen 1, Bandar Jelutong, Daerah Timor Laut, Pulau Pinang). (ii) A 3,485-square-foot plot identified as Geran 10844, Lot No. 618, Seksyen 1, Bandar Jelutong, Daerah Timor Laut, Pulau Pinang.

Considering the group’s current financial condition, future liquidity needs, and the outlook of Malaysia’s real estate market, the board believes the sale presents an opportunity to realize the value of these idle and undeveloped lands at a reasonable price. The proceeds from the transaction will enhance the group’s financial position and provide additional working capital.

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