Tanco buys RM8m office in Puchong

KUALA LUMPUR (Oct 3): Tanco Holdings Bhd has entered into a sale and purchase agreement (SPA) with Wawasan Indera Sdn Bhd for the acquisition of a four-storey building in Puchong at RM8 million.

This follows Tanco's disposal of its existing corporate and registered offices, Duta Vista Executive Suites in Kuala Lumpur, for a total cash consideration of RM50 million earlier in July.

Wawasan Indera is a private limited company engaged in property development. Its shareholders include S P Setia Bhd and its subsidiary Lagavest Sdn Bhd.

According to its bourse filing yesterday, Tanco said the four-storey building located near Setiawalk in Puchong will come with all its existing fittings and fixtures and a gross floor area of approximately 16,355 sq ft.

Tanco added the purchase will be funded through internally-generated funds and/or bank borrowings, and it is expecting the acquisition to complete within three months from the SPA date.

The acquisition is not expected to have any material effect on the earnings per share of Tanco for the financial year ending June 30, 2018 (FY18).

The counter closed 0.5 sen or 4.17% higher at 12.5 sen in yesterday's trading, giving it a market capitalisation of RM82.71 million. — theedgemarkets.com

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