TIME dotCom to acquire EPF building for RM62mil cash

TIME dotCom to acquire EPF building for RM62mil cash

TIME says the purchase will enable it to expand its operational facilities.

In a filing with Bursa Malaysia, TIME dotCom said the unaudited net book value of the EPF building on Changkat Raja Chulan as at Nov 30 2021 was RM20.59 million.
KUALA LUMPUR:
TIME dotCom Bhd (TIME) is acquiring the 13-storey Employees Provident Fund (EPF) building on Changkat Raja Chulan for RM62 million cash.

In a Bursa Malaysia filing, TIME said the purchase will be made via its wholly-owned subsidiary AIMS Data Centre Sdn Bhd (ADC) and that ADC has entered into a conditional sale and purchase agreement with the EPF Board for the proposed acquisition.

The proposed purchase will enable TIME to expand its operational facilities.

“Barring any unforeseen circumstances, and subject to fulfilment of the conditions precedent, the proposed acquisition is expected to be completed within three months from the unconditional date (when the last of the conditions precedent is fulfilled),” it added.

EPF’s original cost of investment for the building was RM46.04 million in 1994. Its unaudited net book value as at Nov 30 2021 was RM20.59 million, according to the Bursa filing.

The building had been home to EPF’s Jalan Raja Chulan branch office, which was permanently closed on Dec 16, 2021.

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