PETALING JAYA: Southern Acids (M) Bhd
is acquiring a two-and-a-half storey semi-detached residential property measuring 9,087 sq ft in Klang, Selangor from Wong Siau Fong for RM1.9mil.
In a filing with Bursa Malaysia, the palm oil-based fatty acids and glycerine (oleochemicals) manufacturer said the property will be rented to a wholly-owned subsidiary, Southern Medicare Sdn Bhd, for use as nurses’ accommodation, replacing the existing ageing building currently rented from a related party.
“The proposed acquisition will reduce reliance on related party transactions and provide a more stable and cost-efficient long-term accommodation solution for the group’s operational needs.”
Southern Acids said the purchase consideration was fully funded by internally generated funds.
