KUALA LUMPUR (Sept 5): Total waste management solutions provider JAG Bhd is acquiring a 12 and-a-half-storey building in Taman Desa, Kuala Lumpur for RM35.29 million, as part of the group’s effort to expand its property investment business.
In a bourse filing on Monday (Sept 5), JAG said its wholly-owned subsidiary JAG Land Sdn Bhd has entered into a sales and purchase agreement (SPA) with Menara ABS Bhd for the freehold property, which also comes with two levels of basement carparks.
“The proposed acquisition is meant for investment purposes, with the aim of creating a new stream of recurring income which will positively contribute to the group,” said JAG.
According to the filing, the vendor had entered into a 15-year lease with Telekom Malaysia Bhd (TM) that ends on Jan 8, 2023.
JAG said TM has expressed its intention to continue renting the property after the sale is concluded, and upon execution of the SPA, JAG will negotiate with TM on a fresh lease.
The acquisition is expected to be completed within three months from the date of the SPA.
Meanwhile, the purchase consideration will be satisfied by a combination of internally-generated funds and bank borrowings.
JAG’s share price finished 1.45% or half a sen higher at 35 sen on Monday, bringing it a market capitalisation of RM221.9 million.
Source: TheEdge - 6 Sep 2022
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