KUALA LUMPUR (Aug 22): OpenSys (M) Bhd is acquiring eight offices at Pinnacle Petaling Jaya, Selangor, from JH Yong Holding Sdn Bhd for RM10.5 million to support its growing business.

The group said the purchase is to cater to the needs of additional staff, especially those engaged in operational, software development and hardware support roles.

It said these parcels are located above the current company’s headquarters, whose proximity will significantly ease staff movement between the two offices, streamlining communication and decision-making processes.

“The delivery of vacant possession is estimated to be completed three months from the date of the sale and purchase agreements (SPA),” OpenSys said in a Bursa Malaysia filing on Tuesday (Aug 22). 

It also explained that RM5.5 million of the acquisition amount should be funded by internally generated funds and the remaining RM5 million via bank borrowings. 

The company has paid 10% or equivalent to RM1.05 million, with the balance purchase price of RM9.45 million to be paid in about three months. 

“The company foresees that the value of the parcels will appreciate in the future and strengthen its financial position,” OpenSys added. 

On Tuesday, shares of OpenSys closed 1.5 sen or 4.35% higher to 36 sen, valuing the group at RM160.86 million.