Glomac Berhad’s wholly-owned subsidiary Glomac Realty Sdn Bhd has entered into a Sale and Purchase Agreement (SPA) with Koperasi Kakitangan Bank Rakyat Berhad for the sale of Block B in Glomac Business Centre in Kelana Jaya.

The sale of the nine-storey office building with a net lettable area of 48,814 sq ft of office space will be a total of RM22.6m of which Glomac Berhad will gain RM4.6m.

Glomac Berhad group executive chairman, Tan Sri Dato’ FD Mansor said that proceeds from the sale will be used as more capital for their core property development activities which is expected to generate higher returns.

As a result from the sale, the board of directors of Glomac are making a recommendation to pay a special dividend of 1sen per share.