KUALA LUMPUR (Jan 11): TIME dotCom Bhd has proposed to acquire the Employees Provident Fund’s (EPF) Changkat Raja Chulan office building for RM62 million.

The acquisition is deemed a related party transaction as EPF is a major shareholder of TIME by virtue of its 11.75% equity stake.

EPF had initially acquired the property for RM46.04 million in 1994, said TIME in a bourse filing. The unaudited net book value of the property stood at RM20.59 million as at Nov 30, 2021.

“The proposed acquisition will enable TIME to increase space for expansion of operational facilities. The management of TIME is of the view that [the building] is in good condition to cater for such operational requirements,” it said.

TIME said the purchase, via its wholly-owned subsidiary AIMS Data Centre Sdn Bhd, will be paid for using internally-generated funds.

The acquisition, it added, is expected to be completed within three months from the date the agreement turns unconditional, barring unforeseen circumstances.

TIME’s share price rose one sen or 0.23% to close at RM4.38, giving a market capitalisation of RM8 billion.