KUALA LUMPUR (Feb 2): JCY International Bhd (JCYI) will acquire a leasehold property which it has rented and occupied for 10 years in Simpang Ampat, Penang for RM23 million, to enhance its security and management.

In a filing with Bursa Malaysia today, JCYI said its wholly-owned unit, JCY HDD Technology Sdn Bhd, entered into a sale and purchase agreement with property owner PCA Mahlin Technology Sdn Bhd.

JCYI said the acquisition, which will be funded by internally-generated funds, is expected to be completed by the first quarter of calendar year 2016.

“The acquisition will not have any effect on the issued and paid-up share capital of JCYI, as well as on the substantial shareholders’ shareholdings in JCYI. (It is also) not expected to have any material effect on the earnings per share, net assets per share and gearing of JCYI for the financial year ending Sept 30, 2016,” it said.

The stock closed one sen or 1.43% higher at 71 sen today, for a market capitalisation of RM1.46 billion.