Far East Consortium to sell Malaysian assets for MYR55m

Far East Consortium International Limited (FEC) has announced a connected transaction for the disposal of certain assets in Malaysia. On December 22, 2025, FEC's subsidiary, Target Term Sdn. Bhd., entered into a sale and purchase agreement with Surplus Pact (MM2H) Sdn. Bhd. to sell assets for an aggregate consideration of MYR55 million. The assets comprise various carpark units, a residential unit, and a shop parcel located in Plaza Damas, Kuala Lumpur.

The purchaser, Surplus Pact (MM2H) Sdn. Bhd., is indirectly wholly-owned by Tan Sri Dato' David Chiu, an executive director, chief executive officer, and ultimate controlling shareholder of FEC, and his spouse. This makes the transaction a connected transaction under Chapter 14A of the Listing Rules, as the purchaser is an associate of Tan Sri Dato' David Chiu.

FEC anticipates recording a gain of approximately MYR39,783,000 from the transaction upon completion. The net proceeds are expected to be used for the group’s general working capital. The book value of the assets as at September 30, 2025, was approximately MYR10,796,000. The transaction aligns with FEC's strategy of divesting non-core assets to realize value, crystalize gains, increase liquidity, and reduce net gearing.