Ambest unit acquires RM1.95 mil Penang shophouse for workers' accommodation

PETALING JAYA (July 18): ACE Market-listed Ambest Group Bhd said its wholly owned subsidiary Ambest Technology Sdn Bhd (AT) has entered into a sale and purchase agreement to acquire a freehold two-storey shophouse in Bayan Lepas, Penang for RM1.95 million in cash, which the group intends to use as workers' accommodation.

In a Bursa Malaysia filing on Friday (July 17), Ambest said the property, located at Medan Kampung Relau 1, Bayan Lepas, comprises a ground floor and first floor with a built-up area of approximately 2,730 sq ft.

The acquisition was undertaken through AT, which entered into the agreement with a vendor, [vendor name if disclosed], for the purchase of the property.

Ambest said the proposed acquisition is in line with the group’s intention to provide accommodation facilities for its workers.

The purchase consideration of RM1.95 million will be satisfied entirely in cash and funded through internally generated funds, according to the filing.

The group said the proposed acquisition is not expected to have any material effect on its earnings, net assets, gearing or share capital for the financial year ending Dec 31, 2026.

Completion of the acquisition is subject to the fulfilment of the conditions precedent set out in the sale and purchase agreement.

The transaction does not require approval from Ambest shareholders or any regulatory authorities, except for the consent of the relevant party, if required, the group said.

Ambest said none of its directors, major shareholders or persons connected with them have any interest, direct or indirect, in the proposed acquisition.

The board said it is of the view that the acquisition is in the best interest of the group.

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