PETALING JAYA: Oriental Kopi Holdings Bhd
is proposing to acquire a parcel of leasehold land measuring 5,260.8 sq metres in Kuala Langat, Selangor, from Icon Facade Sdn Bhd for RM23mil.
In a filing with Bursa Malaysia, the food and beverage company said the property on the land is currently being rented by Oriental Kopi as its head office and warehousing facility.
“The board is of the view that it will be more viable to acquire the property for RM23mil from the vendor. The proposed acquisition will result in cost savings arising from rental and logistics costs and to prevent the risk of loss of right of use of the property.”
Oriental Kopi said the purchase consideration for the proposed acquisition will be funded through a combination of internally generated funds and/or bank borrowings.
“The exact funding mix will be determined at a later stage upon execution of the sale and purchase agreement, taking into account prevailing market conditions and the group’s working capital requirements.”
