Pensonic said the acquisition is in line with Pensonic’s strategy to expand its warehousing and office operations to cater to business expansion in the south and central regions and export markets, save on warehouse rental cost and consolidate operations in one location.

PETALING JAYA: Pensonic Holdings Bhd has entered into two sale and purchase agreements with Cekal Unggul Sdn Bhd to acquire two pieces of freehold land in Klang, Selangor for RM20.07mil.

The land is situated within Taman Perindustrian Worldwide Kapas Bestari (phase two), that is developed by Cekal Unggul. Going forward, Pensonic will use the land for construction of a new warehouse and office block.

In a filing with Bursa Malaysia, Pensonic said the purchase price for the land was arrived at on a willing-buyer willing-seller basis after taking into consideration the selling price for lots on the Taman Perindustrian Worldwide Kapas Bestari development, where interested purchasers have bought at roughly RM74 per sq ft.

No valuation was carried out prior to the acquisition.

“The exact mix of internally generated funds and bank borrowings will be determined by the management of the Pensonic Group at a later stage after due consideration of PHB Group’s gearing level, interest costs and internal cash requirements for its business operations,” it said.

It said the acquisition is in line with Pensonic’s strategy to expand its warehousing and office operations to cater to business expansion in the south and central regions and export markets, save on warehouse rental cost and consolidate operations in one location.

“The close proximity of the land to Port Klang is strategic and would complement business operations going forward. Premised on the above, the board is of the opinion that the acquisition will contribute positively to the business operations and future earnings of the group,” said Pensonic.