KUALA LUMPUR (Sept 3): Media Chinese International Ltd (KL:MEDIAC) has proposed to sell its property in Canada for C$6.85 million (RM19.88 million), following the cessation of its media operations in the country.

The disposal is expected to generate an unaudited gain of C$5.26 million (RM15.28 million), the group said in a bourse filing on Thursday.

The estimated net proceeds from the disposal, after relevant costs and expenses but before tax, total C$6.55 million (RM19.01 million). The group intends to use the proceeds for general working capital.

Media Chinese said the property is no longer required and the disposal provides an opportunity to realise its value and redeploy the proceeds towards the group’s other business and operational requirements.

The purchaser, Da Xing Investment Ltd, is a Canadian company principally engaged in local warehousing, inventory management and delivery driving operations. It is owned 50% each by Ren Rujin and Yu Junmin, the directors of the company.

The property, located in Richmond, British Columbia, comprises 0.557 acres of land and a two-storey industrial building with a gross floor area of about 18,800 sq ft. It formerly served as the group’s media operations office and printing facility in Canada, but has remained vacant since the closure of the media operations effective Feb 1, 2026.

The property is held freehold and has an industrial/warehousing zoning. It was acquired by the group in 1993 for C$1.63 million (RM4.73 million), while its unaudited net book value stood at C$1.29 million (RM3.73 million) as at July 31, 2026.

No rental income was recorded as the property was held for the group’s own use.

The sale is expected to be completed on Dec 1, and it is expected to improve Media Chinese’s earnings per share by US$0.23 for the financial year ending March 31, 2027.

Media Chinese’s share price closed down half a sen or 6.25% to 7.5 sen on Thursday, giving the group a market capitalisation of RM124 million. The stock has fallen 25% since the start of this year.