PETALING JAYA: TIME Dotcom Bhd’s unit has proposed to acquire an office building located in Changkat Raja Chulan, Kuala Lumpur, for a total cash consideration of RM62mil from the Employees Provident Fund (EPF)

       In its filing with Bursa Malaysia, the telecommunications service provider said its wholly owned subsidiary yesterday had entered into a conditional sale and purchase agreement with the EPF for the proposed acquisition of the latter’s 13-storey purpose-built office building together with 95 car park bays, known as Bangunan KWSP, in the city centre.

       The original cost of investment by the EPF in the building in 1994 was RM46.04mil.

       “The proposed acquisition will enable Time to increase space for expansion of operational facilities,” it said.

       “The management of Time is of the view that Bangunan KWSP is in good condition to cater for such operational requirements,” it added. It noted that the proposed acquisition was not expected to have any material effect on the group’s earnings per share and gearing for the financial year ended Dec 31, 2021.