Media Chinese sells former Canada printing facility for C$6.85m
Media Chinese International Ltd has agreed to sell its former media operations office and printing facility in Richmond, British Columbia, for C$6.85 million (RM19.88 million). The freehold property, which has been vacant since February, is expected to generate an unaudited gain of about C$5.26 mill
PETALING JAYA (Sept 3): Media Chinese International Ltd has entered into a conditional agreement to dispose of its former media operations office and printing facility in Richmond, British Columbia, Canada, for C$6.85 million (RM19.88 million).
The property at 5368 Parkwood Place comprises about 0.557 acres (0.23ha) of freehold land with a two-storey industrial building measuring approximately 18,800 sq ft. It is zoned for industrial and warehousing use.
In a Bursa Malaysia announcement on Thursday (Sept 3), Media Chinese said its indirect wholly-owned subsidiary Ming Pao Holdings (Canada) Ltd had entered into a conditional sale and purchase agreement with Da Xing Investment Ltd for the proposed disposal. The agreement was signed on Sept 2, Canada time.
The proposed disposal is expected to result in an unaudited gain of about C$5.26 million before expenses and tax, based on the difference between the purchase price and the property's net book value. The actual gain or loss will be determined upon completion and is subject to review and final audit by the company's auditors, it said.
The property had an unaudited net book value of C$1.29 million as at July 31, 2026. Media Chinese acquired it in May 1993 for C$1.63 million. The building, which is about 35 years old, formerly housed the group's Canadian media operations and has remained vacant since those operations ceased effective Feb 1.
Media Chinese said the property is no longer required and that the proposed disposal would allow the group to realise its value and redeploy the proceeds towards other business and operational requirements. There are no encumbrances on the property, while no rental income had been recorded as it had been held for the group's own use.
Media Chinese said it revised the property's listing price down to C$7.8 million in May 2026 following the cessation of its Canadian media operations and amid recent geopolitical tensions. Several offers were received, but none resulted in a binding agreement. The C$6.85 million consideration was subsequently arrived at through arm's-length negotiations after taking into account factors including the property's original purchase price, location and size, professional advice from a Canadian real estate brokerage and prevailing prices of comparable properties nearby. No valuation was conducted on the property.
Completion remains conditional upon the purchaser's due diligence, title searches and other searches, inspections and investigations. Unless the purchaser waives or declares the condition fulfilled by notice to the vendor on or before Sept 28, the agreement will terminate and the deposit will be returnable in accordance with British Columbia's Real Estate Services Act.
Subject to the terms and conditions of the agreement, completion is scheduled for Dec 1, with Da Xing taking vacant possession the following day. The group expects net proceeds of about C$6.55 million, after deducting relevant costs and expenses but before tax. The proceeds are intended for general working capital within 12 months of completion.
Da Xing is principally involved in local warehousing, inventory management and delivery driving operations in Canada. Media Chinese said the purchaser and its ultimate beneficial owners are independent third parties. The company said the disposal does not require shareholder or regulatory approval and is expected to improve Media Chinese's earnings per share by 0.23 US cent for the financial year ending March 31, 2027.
