KUALA LUMPUR, June 13 (Bernama) -- Solarvest Holdings Bhd’s (Solarvest) units Solarvest Energy Sdn Bhd has entered into three conditional sales and purchase agreements (SPAs) with BK Alliance Sdn Bhd to acquire four levels of office space and a rooftop retail in Solarvest Tower in Bangsar South for RM48.73 million.
BK Alliance is principally involved in property development and property construction and also the developer for the Solarvest Tower. It is a wholly owned subsidiary of Chin Hin Group Property Bhd.
The Solarvest Tower, a 34-story high-rise office tower development, is currently about 40 per cent completed as of May 23, 2024. It is still undergoing construction, and expected to be finished by March 2028.
Solarvest said the purchase consideration will be fully satisfied in cash, which shall be financed via a combination of internally generated funds and bank borrowings.
“It represents a discount of approximately RM0.07 million or 0.14 per cent to the market value of the subject properties of RM48.80 million based on the valuation conducted by the independent valuer,” the integrated solar provider said that in a Bursa Malaysia filing today,
It said the proposed acquisition will allow the company to set up its new headquarters and own a permanent business premise for growing its business, operations and staff strength.
“By doing so, Solarvest is able to set up a business facility that suits its business requirement for better operating and cost efficiencies in the long term.
“In addition, it is expected to fulfil the demand for modern and quality office space as it is strategically located within Bangsar South, being one of the most popular addresses in the Klang Valley,” it said.
Solarvest also said that the proposed acquisition is subject to the approval of the shareholders at an extraordinary general meeting later.
“Barring any unforeseen circumstances, it is expected to be completed by the second half of 2024,” it added.
M&A Securities Sdn Bhd has been appointed as adviser for the proposed disposal.
-- BERNAMA
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