OGX Group seeks shareholders' nod for RM19m Bukit Jelutong warehouse purchase

OGX Group Bhd is seeking shareholders' approval to buy a three-storey detached warehouse with a four-storey office annex in Bukit Jelutong, Shah Alam, for RM19 million cash. The property will serve as the company's new headquarters, with relocation expected in the fourth quarter of 2027.

PETALING JAYA (Sept 29): IT infrastructure solutions provider OGX Group Bhd is seeking shareholders' approval to buy a three-storey detached warehouse with a four-storey office annex in Bukit Jelutong, Shah Alam, for RM19 million cash to establish a larger headquarters.

In a circular filed with Bursa Malaysia on Tuesday (Sept 29), OGX said its indirect wholly owned subsidiary, OGX Sdn Bhd, had signed a conditional sale and purchase agreement with Trisystems Engineering Sdn Bhd on July 21. The property includes a guardhouse and stands on 4,086 sq m (about 43,982 sq ft) of freehold land at No. 6, Jalan Tiang U8/91, Taman Perindustrian Bukit Jelutong Seksyen U8. The land is held under Geran 204608, Lot 78642, Mukim Damansara, District of Petaling.

The buildings have a gross built-up area of about 59,587 sq ft, compared with approximately 14,000 sq ft at OGX's existing headquarters, also in Bukit Jelutong. OGX said its current warehouse is at or near full capacity, requiring it to use a third-party provider to store excess inventory.

After renovating the property, OGX plans to use it for offices, a larger warehouse, an experience centre showcasing its IT infrastructure products and solutions, and a planned security operations centre. The group expects to relocate in the fourth quarter of 2027. It will continue operating from its existing premises until the new headquarters is ready, then consider selling or leasing them, depending on market conditions.

Independent valuer Laurelcap Sdn Bhd assessed the property's market value at RM19.5 million as at July 20. OGX said it would fund the purchase from IPO proceeds earmarked for acquiring a new headquarters.

The proposed acquisition is subject to shareholders' approval at an extraordinary general meeting on Oct 28. The seller must also secure the discharge of an existing charge on the property before the agreement becomes unconditional. OGX expects to complete the purchase by the end of 2026, subject to the required approvals and conditions being met.