Vestland to acquire properties worth RM25mil

PETALING JAYA: Vestland Bhd has entered into several sale and purchase agreements (SPAs) with Sg Besi Construction Sdn Bhd and Armani KPF2 Development Sdn Bhd for the acquisition of 16 properties, totalling RM24.99mil.

In a filing with Bursa Malaysia, the group said the deals were done through its wholly-owned subsidiary, Vestland Resources Sdn Bhd. Vestland inked 10 SPAs with Sg Besi Construction to acquire 10 office suites located at Shah Alam, Selangor for RM6.99mil.

Moreover, the group has also signed six SPAs with Armani for six units of semi-detached industrial warehouse/ factory at the Armani Business Park situated in Kota Kinabalu, Sabah for RM18mil.

Vestland said the proposed office acquisition will be funded via internally generated funds while the proposed warehouse acquisition will be funded via a mix of internally generated funds and bank borrowings.

Out of the 10 office suites, the group is currently renting eight units. Hence post acquisition, Vestland stated it will no longer incur rental commitments.

The purchase of the two other office suites will also cater to the growth of the group’s business and increase in number of employees.