Spring Gallery acquires shop offices in Cheras for RM8.25 million

PETALING JAYA: Spring Gallery Bhd proposes to acquire five shop offices in Bandar Mahkota Cheras for RM8.25 million, as part of the group's move to streamline its units within the same vicinity.
The ceramics company announced in a Bursa Malaysia filing that, it has entered into five separate sale and purchase agreements for the purchase of five adjoining units of three-storey terraced shop offices with a total gross floor area of about 2,037 square metre.
One of the four vendors, namely Jadex Land Sdn Bhd will be selling two of its properties, each priced at RM1.65 million to Spring Gallery.
Funding for the proposed acquisition is expected to be completed by November will be sourced from internally generated funds, proceeds received from conversion of irredeemable convertible preference shares and/or bank borrowings.
Spring Gallery intends to use the properties to set up its corporate, sales and operations offices in the same location to better manage and increase the efficiency of its business operations.
Its shares fell by 0.73% to close at 68 sen on Friday with some 301,000 shares changing hands. Its market capitalisation stood at RM116.32 million.