Jewelry company, Poh Kong is seeking to acquire all 100% of Lotus Corporation from the two owners for approximately RM11.35 million.
The group had entered into a sales and purchase agreement with the Vendors to purchase two pieces of leasehold properties held in Bandar Petaling Jaya Daerah Petaling Negeri Selangor with the address at No. 4, Jalan 52/4, Section 52, and No. 25, Jalan 52/2, Section 52, 46200 Petaling Jaya, Selangor each measuring approximately 174.1875 square metres together with a three storey shop-lot erected. The acquisition will be done via acquiring 1,000,000 Ordinary Shares held by the Vendors comprising 100% of the total issued and paid-up capital of Lotus.
Poh Kong is acquiring the propertie due to the shop lots being strategically located in the same row of where the Headquarters of the Company is located. With this, the group will have additional space to re-organise and restructure internally. Opportunity for future growth and development of the Group’s business.
Also, more importantly, the ownership of the properties provides the assurance that they would not be disposed of by any third party who may be hostile to the Group or who may not rent back to the Group.
