OGX proposes RM19 mil acquisition of Damansara property for new HQ

PETALING JAYA (July 22): OGX Group Bhd has proposed acquiring a 4,086 sq m freehold property in Damansara, Petaling Jaya for RM19.0 million, with the site expected to serve as the group’s new headquarters.

It said in a Bursa Malaysia filing on Tuesday (July 21) that the proposed acquisition involves the purchase of the property from Trisystems Engineering Sdn Bhd, subject to conditions including shareholders’ approval and the discharge of the existing charge over the property by CIMB Islamic Bank.

OGX said the acquisition is expected to be completed by the fourth quarter of 2026, barring unforeseen circumstances and subject to the fulfilment of the required conditions.

The purchase price represents a 2.56% discount to the property’s market value of RM19.50 million, based on an independent valuation by Laurelcap Sdn Bhd dated July 20, 2026.

The property, which has a built-up area of about 14,000 sq ft, is currently occupied as OGX’s headquarters under a tenancy arrangement. The group said the acquisition would allow it to consolidate its operations at the premises.

Under the terms of the sale and purchase agreement, the vendor is required to procure the discharge of the CIMB Islamic Bank charge through substitution of security and/or another property acceptable to the financier.

OGX said the acquisition is in line with the utilisation of its initial public offering proceeds, with RM24.50 million allocated for the acquisition of its headquarters and RM5.50 million for renovation and fit-out works.

Trisystems Engineering is principally involved in engineering services and related activities.

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