EI Power's (KLSE:EIPOWER) unit EI Power Technologies signed a deal to acquire a freehold property in Shah Alam, Selangor, for 17.2 million ringgit.

The property comprises a 16,100-square-foot land parcel with a 17,472-square-foot, 21/2-storey semi-detached factory.

The purchase price will be funded with up to 15 million ringgit from IPO proceeds earmarked for a new headquarters and warehouse, and 2.2 million ringgit from internal funds.

The acquisition is expected to be completed within three months from the agreement, with a one-month extension available, the power engineering firm said.