KUALA LUMPUR (Jan 2): Sanichi Technology Bhd is buying a 12-storey office building in Bangsar South here for RM46 million.

The Ikhlas Point is located at The Horizon and has a floor area of 5,021 square metres, Sanich said in a filing today.

The ACE Market-listed group said the acquisition will be able to complement its business activities.

Sanichi is involved in the design and fabrication of precision moulds and tooling. It ventured into property development in 2014, with its maiden development in Klebang, Melaka.

The group said its wholly-owned subsidiary,  Sanichi Capital Sdn Bhd, is buying the building from Takaful Ikhlas Family Bhd.

“The proposed acquisition will be funded from internally-generated funds and bank borrowings,” Sanichi said.

“Barring any unforeseen circumstances, the proposed acquisition is expected to be completed in the second half of 2019,” the group added.

Sanichi’s shares were heavily traded today with a total volume of 12.38 million. The counter closed unchanged at 60 sen, giving it a market capitalisation of RM66.52 million.