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- The property developer said it has entered into a sale and purchase agreement with Magna Tiara Development Sdn Bhd to acquire the building—called Southbank Block 6—measuring 4,039 sq m, at RM678.55 per sq ft.
KUALA LUMPUR (Sept 12): Maxim Global Bhd (KL:MAXIM) is buying a nine-storey office tower on Jalan Klang Lama here for RM29.5 million to serve as its new office.
The property developer said it has entered into a sale and purchase agreement with Magna Tiara Development Sdn Bhd to acquire the building—called Southbank Block 6—measuring 4,039 sq m, at RM678.55 per sq ft.
The proposed acquisition is aimed at strengthening the company’s image and branding by establishing a visible presence in a strategic location, Maxim Global said.
It added that the new office will provide a more conducive workplace for employees, enhancing staff satisfaction and retention while supporting the group’s long-term growth.
The purchase will be funded through a combination of bank borrowings and internal funds, with the final mix to be determined based on gearing, interest cost and available cash flow.
As at end-June, the company’s cash and cash equivalents stood at RM137.2 million, against borrowings of RM294.9 million.
Maxim Global expects the acquisition to be completed within four months.
Shares in Maxim Global ended one sen or 2.6% lower at 38 sen on Friday, valuing the company at RM279.4 million. Year to date, the stock has gained over 26%.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
