Cuscapi buys commercial space of Empire City for RM20m

KUALA LUMPUR (Oct 12): Cuscapi Bhd, which is currently operating from leased premises, is acquiring commercial space of Empire City in Damansara Perdana for RM20 million.

In a filing with Bursa Malaysia, the group said, it is buying the space, located within the podium level below MyEG Tower, from Cosmopolitan Avenue Sdn Bhd, a unit of Mammoth Empire Holdings Sdn Bhd.

The 33,340 sq ft space will be ready for occupation in 18 months, it said.

Cuscapi said it does not own any property and is currently leasing two levels of building from a third party.

It added, however, that it had entered into a put option agreement with Cosmopolitan to obtain an option at Cuscapi’s sole discretion to sell the commercial space back to Cosmopolitan at a sum equal to 66.67% of the purchase consideration within six months from delivery of vacant possession.

Cuscapi said it intends to finance the acquisition via a mixture of internally-generated funds and bank borrowings.

The commercial space is in a shopping mall which is being developed as part of a 9.3ha self-contained integrated mixed development.

The completion rate of the building is at 55%, said Cuscapi.

Cuscapi shares fell 2.5 sen, or 9.8%, to 23 sen yesterday, with a market capitalisation of RM197.63 million.

This article first appeared in The Edge Financial Daily, on Oct 12, 2018.

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