PETALING JAYA: Infoline Tec Group Bhd
has proposed to acquire two adjoining three-storey semi-detached factory buildings in Sungai Buloh, Selangor, for a total cash consideration of RM18.58mil, alongside plans to introduce an employees’ share option scheme (ESOS).
In a bourse filing yesterday, the group said its wholly owned subsidiary, Infoline IT Solutions Sdn Bhd, had entered into separate sale and purchase agreements with Huayi (SEA) Sdn Bhd and Orionis Technology (M) Sdn Bhd to acquire the properties for RM9.29mil each.
The assets will be purchased free from encumbrances on an “as is where is” basis, with completion of both deals interdependent.
The purchase price is slightly below the combined market valuation of RM18.6mil as appraised by an independent valuer. The acquisition will be funded via a mix of bank borrowings and internally generated funds.
Infoline intends to use the properties as its new headquarters, consolidating operations currently spread across rented premises and supporting its network operations and cybersecurity capabilities.
Separately, the group plans to establish an ESOS of up to 10% of its issued share capital to incentivise and retain employees, subject to shareholder and regulatory approvals.
