Koh Brothers Group will hold an extraordinary general meeting (EGM) on Sept 4 for the proposed disposal of land in Johor. The EGM will take place at the Raffles Town Club and shareholders will have till Sept 1 to lodge their proxy form.

The proposed sale was announced on Feb 24, when Koh Brothers’ indirect wholly-owned subsidiary, G & W Industries (M) Sdn Bhd, entered into a sale and purchase agreement (SPA) with an unrelated third party on Feb 21.

The land will be sold for RM81.5 million or $24.8 million.

While no information on the purchaser was released in February, the group now states that the buyer of the land is AirTrunk Malaysia Three Sdn. Bhd., a hyperscale data centre specialist that focuses on building a platform that serves cloud, content and large enterprise customers across Asia Pacific including Japan.

Under the terms of the SPA, the land will be sold on an “as is where is” basis with vacant possession.

The land is freehold and measures some 5.4 hectares or 581,617.14 sq ft.

Koh Brothers had purchased the land for RM63.96 million or $19.4 million and is expected to net a gain of $14.9 million upon the proposed disposal.

According to an assessment by independent valuer Knight Frank Malaysia Sdn. Bhd., the land has a market value of RM76 million or $23.1 million as at Feb 3.

As at 9.08am, shares in Koh Brothers are trading 0.5 cents higher or 1.75% up at 29 cents.