Eonmetall’s RM273.3m Kapar industrial land sale agreement goes unconditional
Eonmetall Group Bhd’s sale and purchase agreement for its proposed RM273.28 million disposal of freehold industrial land in Kapar, Selangor, to WG Malaysia VIII Sdn Bhd has become unconditional. All conditions precedent under the SPA were fulfilled on Oct 27, 2026.
PETALING JAYA (Oct 28): Eonmetall Group Bhd’s sale and purchase agreement (SPA) for its proposed RM273.28 million disposal of freehold industrial land in Kapar, Selangor, to WG Malaysia VIII Sdn Bhd has become unconditional.
In a Bursa Malaysia filing on Tuesday (Oct 27), Berjaya Securities Sdn Bhd said on behalf of Eonmetall’s board that all conditions precedent under the SPA had been fulfilled that day. The announcement did not confirm completion of the disposal.
The proposed disposal by wholly-owned subsidiary Eonmetall Land Sdn Bhd involves two parcels totalling approximately 26.723 hectares (66.03 acres) in Mukim Kapar, Klang, according to the group’s July 3 circular to shareholders. The parcels are held under Geran 455284, Lot 119910 and Geran 455285, Lot 119911, formerly under H.S.(D) 166442, PT 85117. The land title was subdivided on June 16, 2026.
The cash consideration was agreed at RM95 per sq ft, taking into account the land’s RM273 million market value as appraised by Savills (Malaysia) Sdn Bhd as at March 6, 2026. Eonmetall said in the circular that the purchaser had identified the land as part of a larger site for information technology infrastructure development. The group said the consideration reflected that potential use, yielding a premium over similar land for typical industrial use.
WG Malaysia VIII’s principal activities include computer consultancy, provision of hosting infrastructure and related information technology services. As at June 24, 2026, the purchaser was wholly owned by WG Data Hub II Sdn Bhd, formerly known as Dayone Data Hub II Sdn Bhd. DayOne Data Centers Ltd held an indirect 100 per cent interest in the purchaser through intermediary companies.
The circular classified the proposed disposal as a related-party transaction, citing certain common directors and major shareholders across Eonmetall, Maybulk Bhd and Leader Steel Holdings Bhd. Subsidiaries of Maybulk and Leader Steel had also agreed to sell contiguous land to the same purchaser.
Eonmetall estimated in the circular that the proposed disposal would generate a net pro forma gain attributable to owners of the company of approximately RM46.30 million. It earmarked RM108.52 million of the proceeds for repayment of borrowings, RM86.28 million for working capital and RM60 million for acquisitions of new businesses or assets to be identified. A further RM18.48 million was allocated for estimated disposal expenses, including real property gains tax. At the time of the circular, the board had not declared a special dividend arising from the disposal, saying it intended to retain and reinvest the proceeds after paying expenses and repaying borrowings. Eonmetall Land signed the SPA on March 19, 2026.
