Share
PETALING JAYA (June 3): T7 Global Bhd’s wholly owned subsidiary T7 Property Sdn Bhd has entered into a sale and purchase agreement to acquire an office unit at KL Trillion, Jalan Tun Razak, Kuala Lumpur, from Tan Kay Shen for RM1.6 million in a related-party transaction.
The property, located at C-7-2, KL Trillion, comprises a strata office unit with a parcel area of 99 sq m (1,066 sq ft), the company said in its Bursa filing last Friday (May 29).
The deal is deemed a related-party transaction because Tan is the son of major shareholder Tan Sri Tan Kean Soon and substantial shareholder Puan Sri Shirley Law Siong Hiong, and the brother of executive directors Tan Kay Zhuin and Tan Kay Vin.
According to T7 Global’s Bursa filing, the purchase price was arrived at on a willing-buyer willing-seller basis after taking into consideration an independent valuation of RM1.61 million by Solid Real Estate Consultants Sdn Bhd.
The office unit is located within KL Trillion on Jalan Tun Razak, about 5km northeast of Kuala Lumpur city centre. The property is accessible via major roads including Jalan Ampang and the Ampang–Kuala Lumpur Elevated Highway (Akleh), and is also served by nearby rail connections at Ampang Park station.
T7 Global said the acquisition is intended for operational and strategic purposes, including the expansion of office space requirements, proximity to its existing operations and long-term corporate asset holding purposes.
The purchase will be funded through a combination of internally generated funds and bank borrowings.
The group said the acquisition is not expected to have any material effect on its net assets, gearing, earnings or earnings per share for the financial year ending Dec 31, 2026. The transaction’s highest applicable percentage ratio under Bursa Malaysia’s listing requirements is 0.32%.
Barring unforeseen circumstances, the acquisition is expected to be completed in the third quarter of 2026.
..........
EdgeProp brings you another month of data-driven insights, exclusive interviews, and market commentaries. Subscribe now for your free copy!
