KUALA LUMPUR (Sept 8): Perak Transit Bhd is purchasing a parcel of leasehold land in Ipoh, together with a nine-storey office building, for RM10 million.
In a filing today, Perak Transit said its 99.89%-owned subsidiary The Combined Bus Services Sdn Bhd has inked a sale and purchase agreement (SPA) with property developer MH Amanjaya Properties Sdn Bhd for the acquisition.
Perak Transit said the purchase price is at a discount of 11.27% to the building's market value of RM11.27 million. It will be paid using internal funding and borrowings at a 30:70 ratio.
Perak Transit said up to five floors of the building located within the SOHO Ipoh Commercial Centre (Phase II) will be used as the corporate office for the group, while the other four floors will be leased out.
"SOHO Ipoh Commercial Centre (Phase II) is a newly-completed shop office home office concept development surrounded by numerous amenities such as shopping malls, hotels, business centre, tourism spots and schools.
"As such, the board believes that the property has potential for value appreciation, given its strategic location and accessibility," Perak Transit said.
Perak Transit's share price closed 1.5 sen or 4% higher at 39 sen, giving it a market capitalisation of RM354.3 million.
