PETALING JAYA: Ambest Group Bhd's wholly-owned subsidiary Ambest Technology Sdn Bhd has agreed to buy a two-storey shophouse property in Permatang Damar Laut, Penang for RM1.95mil.
In a filing with Bursa Malaysia, Ambest noted the property, measuring 189 square metres, was purchased from several vendors including executors of the estate of Chuah Boo Bee.
The acquisition will be financed via a mix of internally generated funds and bank borrowings, with the exact proportion to be determined later.
Ambest stated the purchase will provide dedicated accommodation for the company’s workers, reducing reliance on rented housing and improving cost efficiency in the long term.
Strategically, the property is located near the Ambest’s factory, which will reduce commuting time and transportation costs, thereby improving efficiency.
Additionally, the Board highlighted that Penang properties have historically shown long-term capital appreciation, meaning the acquisition not only supports immediate operational needs but also strengthens the Group’s asset portfolio.
