PETALING JAYA: ACE Market-listed OGX Group Bhd has proposed to acquire a freehold industrial property in Shah Alam for RM19 million to serve as its new headquarters.
In a filing with Bursa Malaysia, the information technology (IT) infrastructure solutions provider said its wholly owned indirect subsidiary, OGX Sdn Bhd, had entered into a conditional sale and purchase agreement with Trisystems Engineering Sdn Bhd (TESB) to acquire a three-storey detached warehouse with a four-storey office annex and a guardhouse on a 4,086 sq m freehold industrial land in Taman Perindustrian Bukit Jelutong.
The proposed acquisition will be funded entirely from the company’s initial public offering (IPO) proceeds, with RM24.5 million previously earmarked for the acquisition of a new headquarters. OGX has also allocated up to RM5.5 million from its IPO proceeds for renovation and fit-out works on the property.
The company said the new headquarters will consolidate its operations under one roof and house a dedicated experience centre to showcase its IT infrastructure solutions and products, a larger warehouse, as well as space for potential future business ventures.
It added that the relocation would enable the group to expand its operations, accommodate a larger workforce and better serve both existing and new customers.
OGX said the acquisition was driven by capacity constraints at its current headquarters in Bukit Jelutong, where limited office space has resulted in hot-desking arrangements while warehouse capacity has reached near-full utilisation, forcing the group to engage third-party storage providers for excess inventory.
The RM19 million purchase consideration was arrived at on a willing-buyer willing-seller basis after taking into account the property’s independently appraised market value of RM19.5 million, representing a discount of about 2.6%, as well as the strategic rationale for the acquisition.
The proposed acquisition is subject to shareholders’ approval at an extraordinary general meeting and the fulfilment of other conditions under the sale and purchase agreement. OGX expects the transaction to be completed in the fourth quarter of 2026.
