TIME dotCom Bhd has proposed to acquire a 13-storey purpose-built office building together with 95 car park bays from the Employees Provident Fund Board (EPF) for RM62million in cash.
Time dotCom’s wholly owned subsidiary, AIMS Data Centre Sdn Bhd (ADC) had entered into a conditional sale and purchase agreement (SPA) with the EPF for the proposed acquisition of Bangunan KWSP Changkat Raja Chulan, it said in a filing with Bursa Malaysia, the country’s stock exchange.
“The proposed acquisition will enable TIME dotCom to increase space for expansion of operational facilities. “The management of TIME is of the view that Bangunan KWSP is in good condition to cater for such operational requirements,” it added.
Further, TIME dotCom said the purchase consideration for Bangunan KWSP of RM62mil was arrived based on a willing buyer willing seller basis, after taking into consideration the market value as appraised by two independent registered valuers, whereby the purchase consideration is within the range appraised. “The purchase consideration will be satisfied in cash via internally-generated funds,” the company said.
As Malaysia continues to battle COVID-19, remote work has gradually become the new norm in the country. Therefore, surging demand for data storage, greater connectivity, and other internet services can only be handled by cloud technology. In January 2021, TIME dotCom acquired a 60 per cent stake, or $14.5 million (RM58.7 million), in AVM Cloud Sdn Bhd, a private cloud computing company to drive its business.