KUALA LUMPUR, Jan 12 ― TIME dotCom Bhd's (TIME) shares on Bursa Malaysia rose in the early session today after the group announced its plan to acquire the Employees Provident Fund’s (EPF) Changkat Raja Chulan office building for RM62 million.

At 11.23am, the counter rose 3.0 sen to RM4.41 with 50,400 shares changing hands.

In a Bursa Malaysia filing on Tuesday, TIME said the purchase will be made via its wholly-owned subsidiary, AIMS Data Centre Sdn Bhd (ADC), adding that ADC had entered into a conditional sale and purchase agreement with the EPF for the proposed acquisition.

The proposed purchase will enable TIME to expand its operational facilities, it added.

According to the Bursa filing, EPF’s original cost of investment for the building was RM46.04 million in 1994, and its unaudited net book value as of November 30, 2021 was RM20.59 million. ― Bernama