KUALA LUMPUR (Sept 21): QES Group Bhd is forking out RM21 million for a factory with office building at the Hicom Glenmarie Industrial Park in Shah Alam.
"The proposed acquisition will allow QES to own its own building, save on rental and allow for further expansion of office and factory space for the group," the industrial equipment manufacturer said in a bourse filing.
Currently, the group operates from a rented premises near the property.
QES said it is buying the single-storey detached factory with a five-storey office building annexe from Astronautic Technology (M) Sdn Bhd.
The freehold property has a land area of 5,833 sq m with a gross built-up area of 7,544 sq m.
The purchase is expected to be completed within 90 days.
QES shares closed two sen or 7.14% lower at 26 sen, valuing the group at RM197.16 million. The counter saw 12.89 million shares transacted.