PJI completes tenancy agreement on Wisma PJI

KUALA LUMPUR: PJI Holdings Bhd has entered into a tenancy agreement with Pan Pacific Enterprise Sdn Bhd for the rental of two adjoining units of 3-storey semi-detached factories known as Wisma PJI in Damansara, Petaling Jaya.

In a filing to Bursa Malaysia on Monday, Mar 21, PJI said that on June 30, 2010 the company entered into two separate sales and purchase agreements (SPAs) with Pan Pacific Enterprise for the proposed disposal of Wisma PJI for a total cash consideration of RM8.8 million that was completed on Monday.

PJI had taken up tenancy of Wisma PJI since Jan 26, and Pan Pacific Enterprise had received from PJI the sum of RM61,459.36 being the rental from Jan 26-Feb 28, in addition to a security deposit of RM102,666.66.

PJI said that the tenancy agreement is for a period starting Mar 1, 2011, and expiring on Jan 31, 2013. It said it was granted an option by Pan Pacific Enterprise to renew the tenancy for a further period of one year upon expiry of the agreement under terms to be agreed upon.

The monthly rental payable by the company is RM51,333.33, which was mutually agreed between PJI and Pan Pacific Enterprise, and determined based on a return on investments of 7% per annum of the total consideration of RM8.8 million for the proposed disposal of Wisma PJI to Pan Pacific Enterprise.

PJI said the agreement would enable it and its subsidiaries to continue occupying Wisma PJI as its corporate office, thus minimising operational disruption from relocation of the corporate office to another premise, in addition to savings on cost on renovation, furniture and fittings and other associated costs of relocation.

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