KUALA LUMPUR: ETA Group has proposed to acquire a freehold industrial property in Bandar Sri Damansara, Selangor for RM16.5mil as part of its expansion into property investment and management activities.
In a filing with Bursa Malaysia, the group said its wholly-owned subsidiary, ETA Development Sdn Bhd, had entered into a sale and purchase agreement with Fitters Diversified Bhd to acquire the property, which comprises a five-storey office/factory building with a basement carpark.
The property sits on a freehold industrial land measuring about 19,150 sq ft, with a gross built-up area of approximately 30,455 sq ft.
“The proposed acquisition is in line with the diversification of the business of ETA and its subsidiaries to include the business of property development, property management, and property investment, as well as construction and construction-related activities, including the trading and supply of construction materials,” it said.
ETA said the purchase consideration was arrived at on a willing buyer-willing seller basis after taking into account an independent fair opinion valuing the property between RM18mil and RM18.5mil.
The RM16.5mil price tag represents a discount of between 8.33% and 10.81% to the estimated fair value.
ETA said the acquisition would be funded through a combination of internally generated funds and bank borrowings.
Barring unforeseen circumstances, the proposed acquisition is expected to be completed in the second half of 2026.