KUALA LUMPUR: Apex Equity Holdings Bhd plans to acquire property in The Horizon, Bangsar South for RM50 million to house its business.
In its filing with Bursa Malaysia Securities, Apex Equity said its subsidiary, Apex Development Sdn Bhd has inked a deal with Noah Foundation to acquire a parcel of boutique building in Phase 1 of The Horizon, measuring about 54,876 square feet.
The proposed acquisition is expected to be funded in bank borrowings (80 per cent) and internally generated funds (20 per cent).
"The board believes that the proposed funding structure above strikes an optimal balance between financing the acquisition leveraging on the company's gearing potential whilst maintaining healthy revenue generation for growth," it said.
According to Apex Equity, the company's plan to relocate its business into the acquired property is timely in light of the expiry of the lease of its current tenancy in the second quarter of 2026.
It said the timeline expected to complete the proposed acquisition, after factoring the necessary regulatory approvals, will allow the Apex Group sufficient time to prepare the property ahead of the lease expiry.
In addition, Apex Equity said the property is in a well-known business district surrounded by reputable companies and organisations and a good public transportation network.
"It is expected that the location will assist with talent acquisition in line with the company's long term growth plans," it added.
The company's share price rose to 92.5 sen a share, giving it a market capitalisation of RM197.5 million. Ends