Industronics unit to acquire Melaka retail property for RM5mil

KUALA LUMPUR: Industronics Bhd has entered into an agreement to acquire a retail property in Melaka for RM5mil as part of its strategy to expand its income-generating asset base.

In a filing with Bursa Malaysia, the group said its wholly owned indirect subsidiary, Golden Starling Capital Sdn Bhd, signed a sale and purchase agreement with Ng Pei Ling for the proposed acquisition.

The property is a ground-floor retail unit with a total floor area of about 7,567 sq ft at The Sail @ Kota Syahbandar, Melaka.

The group said the acquisition will be funded through a combination of internally generated funds, borrowings and/or equity fundraising. It added that the mix of which has not been finalised at this juncture.

“The proposed acquisition is in line with the group’s strategy to strengthen its financial and operational position through the expansion of quality, income-generating assets,” Industronics said.

It added that the retail unit offers an opportunity to diversify and enhance the group’s asset base, with potential for stable rental income and long-term appreciation.