Asian Micro Holdings, a Catalist-listed company, announced that its 49%-owned subsidiary will dispose of three commercial office units located in Penang, Malaysia, for a total transaction value of RM1.55 million (approximately $480,000).

The properties being divested are situated at Gurney Tower on Persiaran Gurney, 10250 Penang, Malaysia. These freehold commercial office units span a combined gross floor area of approximately 164 square metres and are currently utilized as investment properties generating rental income.

The buyer, Tye Suit Yean, is an independent third party with no related connections to the company.

Payment for the transaction will be structured in two instalments: an initial deposit of RM310,000, followed by the remaining balance of RM1.24 million upon successful completion of the property disposal.

Asian Micro Holdings estimates that the net proceeds from this divestment will amount to approximately RM1.532 million. The company intends to allocate these funds toward general working capital requirements and to pursue new business opportunities within its property portfolio.

On September 29, Asian Micro Holdings' share price experienced significant movement, closing 0.1 cent higher at 0.4 cents, representing a substantial 33.333% increase.