SHL acquires 60% of Wisma Sin Heap Lee

KUALA LUMPUR: SHL Consolidated Bhd has secured majority ownership of Wisma Sin Heap Lee, a prime commercial entity within the Jalan Tun Razak and Jalan Ampang intersection. This follows SHL's acquisition of a 60% stake in Goodstock Land Sdn Bhd for RM25.56 million.

In an announcement to Bursa Malaysia on Tuesday, April 20, SHL said it had signed a sales and purchase agreement with Goodstock's two major shareholders -- Datuk Yap Teiong Choon and Datuk Yap Chong Lee for the acquisition of the commercial entity.

"SHL will also have control over the tenant mix and management of the office building,"  SHL said.

SHL currently occupies five and a half floors of Wisma Sin Heap Lee. The acquistion, essentially, means the acquirer will be able to equity account 60% of the commercial real estate's rental income.