MACC Macromac

TIDMMACC

RNS Number : 1357H

Macromac PLC

11 March 2015

11 March 2015

Macromac plc

("Macromac", "the Company" or "the Group")

Disposal of warehouse

The Board of Macromac (AIM: MACC) is pleased to announce that the Company's wholly owned operating subsidiary, Macromac Technology Sdn Bhd ("MTSB"), entered into a sale & purchase agreement (the "SPA") on 10 March 2015 for the disposal of a warehouse at No 16, Jalan Serendah 26/39, i-Parc2, Section 26, 40400 Shah Alam, Selangor Darul Ehsan for a consideration of RM4.15 million (together the "Disposal").

The purchaser is Polyscientific Enterprise Sdn Bhd, a company incorporated and based in Malaysia.

The property is a three storey semi-detached factory measuring approximately 7,920 square feet and was acquired off plan by MTSB on 25 October 2010, with a purchase price of RM4.028 million. The property has remained unused by the Company since its acquisition. A loan of RM3.424 million was taken up by MTSB to finance the purchase of the property. The current outstanding loan amount is RM3.104 million, with an estimated additional amount of RM62k to be incurred as an early termination fee. Interest incurred to date totals RM0.5 million. These amounts will be repaid from the net proceeds of the Disposal.

Net proceeds from the Disposal are expected to be RM0.8 million and will be utilised by Macromac for general working capital purposes. The gain on the Disposal is expected to be RM0.1 million.

The completion of the Disposal is conditional upon, inter alia, the purchaser securing bank financing and completion is estimated to be within 6 months from the date of the SPA.

This Disposal is consistent with the Company's intention to further streamline its operations and reduce the borrowings of the Company. The Disposal is further to the announcement released by Macromac on 9 September 2014 detailing the disposal of the other warehouse owned by MTSB in the iParc2 development. The purchaser of this warehouse has secured the necessary bank financing and this disposal is expected to complete shortly following the redemption of the loan held by MTSB being completed.

For further information please visit www.macromacgroup.com or contact:

Macromac PLC +603 7784 9488

Michael Lew, Chief Executive Officer

Andrew Khoo, Chief Operating Officer

   Allenby Capital Limited (Nominated Adviser and Broker)                    +44 (0)20 3328 5656 

Nick Athanas

James Reeve

Leander (Financial PR) +44 (0)7795 168 157

Christian Taylor-Wilkinson

About Macromac

Macromac is a group of companies headquartered in Malaysia comprising two divisions. The Company aims to deliver mobile content and web-based marketing solutions to its customers across South East Asia. Through its proprietary MMP, the Company provides Premium and Bulk Mobile Messaging solutions for corporate and advertising campaigns, allowing its clients to better reach their customers by delivering targeted mobile messaging. The Company also develops project-based customised software solutions for its SME clients.

This information is provided by RNS

The company news service from the London Stock Exchange

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