Seal inks SPA to acquire investment properties for RM21.76m

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KUALA LUMPUR (Aug 5): Builder-cum-property developer Seal Incorporated Bhd is buying 20 units of commercial shop lots located in Kuala Lumpur from Dwitasik Sdn Bhd for a combined purchase price of RM21.76 million, for investment purposes.

In a bourse filing today, Seal said its wholly-owned subsidiary Seal City Sdn Bhd (SCITY) has entered into a sale and purchase agreement (SPA) with Dwitasik for the purchase of the properties. Dwitasik is a company principally involved in the property business.

“The mature township has a ready catchment of an estimated 210,000 people from the existing immediate surrounding areas, hence is expected to present huge business opportunities,” the company said.

Seal added that the acquisition of the commercial shoplots was in line with its property investment segment's growth strategy to provide the company with stable recurring income.

The purchase price will be funded by way of internal funding, it added. 

Seal's share price closed half a sen or 1.59% lower at 31 sen today, giving it a market capitalisation of RM73.49 million. It saw some 116,900 shares traded.