Infoline Tec Group’s RM18.58m Sungai Buloh factory acquisitions go unconditional

Infoline Tec Group Bhd has announced that the agreements for its RM18.58 million purchase of two factory buildings in Sungai Buloh, Selangor, have become unconditional. The IT infrastructure and cybersecurity group plans to use the 99-year leasehold properties as its new headquarters.

PETALING JAYA (Oct 27): Infoline Tec Group Bhd said the agreements for its proposed RM18.58 million acquisition of two factory buildings in Sungai Buloh, Selangor, have become unconditional. In a Bursa Malaysia filing on Monday (Oct 26), the IT infrastructure and cybersecurity group said all conditions precedent under the sale and purchase agreements (SPAs) for Lot 10 and Lot 11 had been fulfilled.

Its wholly-owned subsidiary Infoline IT Solutions Sdn Bhd entered into the agreements on April 8 to acquire the adjoining three-storey semi-detached factory buildings in Pekan Baru Sungai Buloh, Petaling district. Lot 10 is being acquired from Huayi (SEA) Sdn Bhd and Lot 11 from Orionis Technology (M) Sdn Bhd for RM9.29 million each.

Both properties are held under 99-year leasehold titles, with each building having a built-up area of 8,818 sq ft. The group intends to use the properties as its new headquarters upon completion of the acquisition.

The latest development follows an agreement on Oct 7 to extend the conditional period for the Lot 10 SPA by two months to Dec 7, as disclosed in an Oct 8 filing. The parties also amended the Lot 11 SPA so that its three-month completion period would run from its unconditional date or the date the Lot 10 SPA became unconditional, whichever was later.

Under the revised terms, vacant possession of both properties is to be delivered simultaneously within five business days after the vendors’ solicitors receive both purchase prices in full, together with any applicable late-payment interest.