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KUALA LUMPUR (July 2): PWF Consolidated Bhd says it is buying a seven-storey stratified commercial building in Bandar Sunway for RM25.8 million from Tropicana Wisma TT Sdn Bhd.
In a filing to the stock exchange, the group said Wisma TT @ Bandar Sunway comprises four storeys of commercial space, three storeys of car park and a basement car park.
"The acquisition is for the company's own occupancy in the future as well as for letting," said PWF, adding that the purchase is not expected to result in any material gain or loss on the company's earnings.
The group said the pro forma effects of the acquisition will bring PWF's net borrowings to RM133.65 million, from RM107.85 million as at Dec 31, 2018. Thus, gearing will increase to 0.44 times, from 0.36 times.
Total shareholders' fund will remain unchanged at RM302.36 million.
PWF expects the acquisition to be completed in the last quarter of the financial year ending Dec 31, 2019.
Shares of PWF closed half a sen or 0.69% higher at 73 sen yesterday, giving the group a market capitalisation of RM126.98 million.
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