KUALA LUMPUR (Oct 20): Jerasia Capital Bhd is selling its warehouse in Kuala Lumpur to Supreme World Marketing Sdn Bhd for RM9.33 million.

In a filing with Bursa Malaysia today, Jerasia said its wholly-owned subsidiary Jerasia Brands Sdn Bhd has entered into a sale and purchase agreement (SPA) with Supreme World Marketing to enable the group to realise the value of its investment in the property as the warehouse is not principally used for the business operations of the group.

In addition, Jerasia said the disposal will enable the company to raise working capital without relying on interest-bearing sources of borrowings.

The disposal is expected to realise a net gain of approximately RM4.8 million, said Jerasia. “The net gain attributable to owners of the Company represents an increase in earnings per share of the company of approximately six sen,” Jerasia added.

Barring any unforeseen circumstances, Jerasia said the disposal is expected to be completed within three months from the date of the SPA with an extension of one month, if necessary.

Shares in Jerasia were untraded today. The stock was last traded at 53 sen last Tuesday for a market capitalisation of RM43.07 million.