Astro Malaysia unit disposes of Dengkil property for RM92mil

MEASAT Broadcast Network Systems Sells Cyberjaya Commercial Property to AIMS Central

Property and Valuation Details

The transaction involves a freehold commercial plot measuring 18,267 square meters (approximately 196,624 square feet) located at Lot 10032, Jalan Teknokrat 1/2, Cyberjaya. Situated on this land is a six-storey technical building along with various ancillary structures. While some reports identified the location as being in Dengkil, Sepang, regulatory filings specify the site’s location within the Cyberjaya hub.

JLL Appraisal & Property Services Valued the Cyberjaya Site at RM85 Million

The disposal price of RM92 million was established on a willing-buyer willing-seller basis. This figure represents a premium of approximately 31.22% over an independent valuation conducted by JLL Appraisal & Property Services Sdn Bhd. As of March 2, 2026, JLL had valued the property at RM85 million using the Cost Method. The sale price also reflects a significant recovery over the property’s historical cost of investment, which was RM85.36 million when MBNS originally acquired the site on September 1, 2006. As of January 31, 2026, the property had a net book value of RM53.78 million in the company’s audited financial statements.

Strategic Rationale and Financial Impact

Astro has characterized the property as a non-core, untenanted asset. By offloading the site, the group aims to realize its value at a price exceeding the independent market valuation and improve its overall capital efficiency. The company expects the transaction to result in a net gain on disposal of approximately RM32.3 million. This gain is projected to contribute positively to the group’s earnings and net assets for the financial year ending January 31, 2027.

The net proceeds from the sale, estimated at approximately RM85.7 million, are designated for the group’s working capital and other corporate purposes as and when required. This infusion of capital comes as the broadcaster faces a difficult fiscal environment. In its first quarter ended April 30, 2026, Astro’s net profit plummeted by 88% to RM1.56 million, down from RM13.48 million during the same period the previous year. The group’s revenue for that quarter fell 6.2% year-on-year to RM659.62 million, a decline attributed primarily to lower subscription income. The company noted that it remained in the black for that period only due to a tax credit of RM4.5 million, having otherwise recorded a loss before tax.

Bursa Malaysia Securities Main Market Listing Requirements Govern the Non-Related Party Transaction

Transaction Terms and Regulatory Status

The purchaser, AIMS Central Sdn Bhd, is a wholly-owned subsidiary of AIMS Data Centre Holding Sdn Bhd. AIMS is a provider of value-added network services, information services, system integration services, and the operation of data networks and network-based applications for corporations and building management. Under the terms of the SPA, AIMS is required to pay a 10% deposit amounting to RM9.2 million, with the remaining balance of RM82.8 million payable within three months from the date the agreement becomes unconditional.

The disposal is a non-related party transaction under Chapter 10 of Bursa Malaysia Securities Bhd’s Main Market Listing Requirements. Because the highest percentage ratio applicable to the transaction under Paragraph 10.02(g) of the listing requirements is 7%, Astro confirmed that no shareholder approval is required for the deal. The transaction remains subject to the fulfilment of conditions precedent within six months from the date of the SPA, or such extended period as may be mutually agreed, including obtaining the necessary consent from the relevant State Authority. The disposal is expected to be completed by January 2027, provided all conditions are met.