Poh Kong buys two shoplots near PJ New Town HQ for RM11.35m

• These two leasehold properties, each measuring about 174.19 square metres, are located in the same row of shoplots as the group’s headquarter.

KUALA LUMPUR (Sept 2): Poh Kong Holdings Bhd is acquiring two three-storey shoplots from The Lotus Corp Bhd for RM11.35 million in the Petaling Jaya New Town area.

These two leasehold properties, each measuring about 174.19 square metres, are located in the same row of shoplots as the group’s headquarter, said the jewellery supplier and distributor in a stock exchange filing on Friday (Sept 2).

The Lotus Corp is equally owned by Nagasundaram Rengaswamy Pillai and Gomathy Subramanyam.

Poh Kong said it will fund the acquisition, which is expected to be completed by December, through its internally-generated fund.

One of the properties is vacant and not rented out; the other one is rented out to AmBank (M) Bhd for the ground and first floor, while the second floor is rented to Lotus Assisted Living Sdn Bhd.

Poh Kong said the acquisition gives it additional space to reorganise and restructure internally. Meanwhile, there is prospect of property value appreciation, as they are located in a prime commercial area.

Shares of Poh Kong closed half sen or 0.7% higher at 71 sen per share on Friday, giving it a market capitalisation of RM291.35 million.