MyEG to buy seven stories of office units for RM44.3mil

Cheerful Effect is wholly owned by Tan Sri Lim Wee Chai (pic) and his spouse, Puan Sri Tong Siew Bee. Wee Chai is also the chairman of Top Glove Corp Bhd, the world

PETALING JAYA: My E G Services Bhd (MyEG), an e-Government services provider, has proposed to acquire seven stories of office units in Empire City@Damansara at a price tag of RM44.29mil.

In a filing with Bursa Malaysia, MyEG announced that it will be buying the seven-storey property from Cheerful Effect Sdn Bhd, Lee Hong Poh and Lim Wan Lee.

The 99-year leasehold units will be within Iconic Office, which is a 45-storey corporate office tower.

MyEG’s acquisition is due to the need for additional premises to house its daily operations and centralise its operations under one roof.

The deal also looks attractive in consideration of the future prospects of the property, which is in close proximity to established residential and commercial developments, as well as future project developments.

The purchase will be financed through internally generated funds of RM13.29mil and external borrowings of RM31mil.The acquisition is not expected to have any material effect on the net assets per share of MyEG.

Cheerful Effect is wholly owned by Tan Sri Lim Wee Chai (pic) and his spouse, Puan Sri Tong Siew Bee. Wee Chai is also the chairman of Top Glove Corp Bhd, the world’s largest glove manufacturer.

Empire City@Damansara is a mixed-development project by Mammoth Empire Holdings Sdn Bhd.