Eduspec buys lands for new corporate office

KUALA LUMPUR (Feb 5): ICT education services provider Eduspec Holdings Bhd is buying two parcels of land for RM14.85 million, to set up its new corporate office.

“Eduspec and its subsidiaries have been renting its existing office space in Pacific Office Building, Hicom-Glenmarie Industrial Park, for its business operations, which the space requirement have now outgrown the currently available office space,” said Eduspec in a filing with Bursa Malaysia.

“The properties are intended to be utilised as Eduspec group’s new corporate office, and for its future operational expansion. Eduspec will be able to own its factory space, whilst potentially enjoying the capital appreciation of the property in the future,” it added.

The two parcels of land In Shah Alam have a total land area of 28,163 square feet, and is currently housing two three-storey, semi-detached corporate factories.
Based on a filing with Bursa Malaysia, Eduspec will be using internally-generated funds of RM2.68 million, to fund this purchase. The shortfall of RM12.16 million will be covered by bank borrowings.

The purchase is expected to be completed by April 30, 2015.

Eduspec (fundamental: 3; valuation 1.2) closed at 31.5 sen today, up 1.61%. It has a market capitalisation of RM241.35 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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