KUALA LUMPUR, Jan 27 — Scanwolf Corporation Bhd’s wholly-owned subsidiary, Scanwolf Properties Sdn Bhd (SPSB), has entered into a sale and purchase agreement (SPA) with Datuk Loo Bin Keong for the proposed purchase of property for RM2.3 million.
Loo was a substantial shareholder and former Scanwolf and SPSB director, it said in a filing to Bursa Malaysia Wednesday.
SPSB is involved in property development.
Scanwolf said the property is located in Bandar Ipoh (U), Perak together with a four-storey shop office with a lift.
It said the purchase will be financed partly through internally generated funds and bank borrowings, with a RM70,000 deposit to be paid by SPSB to Loo upon execution of the SPA.
Scanwolf said the acquisition would facilitate the company’s plans to centralise its operations and relocate its corporate office under one roof to improve efficiency and operational productivity.
“The property is strategically located in a new hub featuring an integrated mixed development comprising a hypermarket, commercial shop offices, residential suites and hotel,” it said.
The acquisition is expected to be completed within three months of the date of the SPA, it added.