KUALA LUMPUR, Jan 11 — TIME dotCom Bhd (TIME) is acquiring a 13-storey freehold office building together with 95 car park bays known as Bangunan KWSP Changkat Raja Chulan for RM62 million cash.
In a Bursa Malaysia filing, TIME said the purchase will be made via its wholly-owned subsidiary AIMS Data Centre Sdn Bhd (ADC) and that ADC has entered into a conditional sale and purchase agreement with Employees Provident Fund Board (EPF) for the proposed acquisition.
The proposed purchase will enable TIME to expand its operational facilities.
“Barring any unforeseen circumstances, and subject to fulfilment of the conditions precedent, the proposed acquisition is expected to be completed within three months from the unconditional date (when the last of the conditions precedent is fulfilled),” it added.
EPF’s original cost of investment for the building was RM46.04 million in 1994. Its unaudited net book value as at November 30, 2021, was RM20.59 million, according to the Bursa filing. — Bernama