Friday 29 Mar 2024
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KUALA LUMPUR (Nov 26): Outdoor advertising services provider Seni Jaya Corp Bhd is buying a 8,021 sq ft piece of land in Damansara Jaya, Petaling Jaya, Selangor known as The Mate for RM7.3 million.

Seni Jaya said the proposed acquisition will allow the group to have ownership of a long-term property asset, which may serve as its future corporate head office.

"The parcel may also appreciate in value and generate rental or lease income for the group," it added.

In a bourse filing on Friday, Seni Jaya said it has entered into a sale and purchase agreement (SPA) with OCR Construction Sdn Bhd for the proposed acquisition. It intends to finance 30% of the total purchase price via internal funds and the remaining 70% via bank borrowings.

"The proposed acquisition is not expected to have any immediate material effect on the group's earnings and earnings per share for the financial year ending Dec 31, 2021," it said, adding that the deal is expected to be completed within three months from the date of the SPA.

Seni Jaya shares closed down 9 sen or 3.04% at RM2.87, bringing a market capitalisation of RM139.29 million.
 

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