Infoline Tec Group Seeks Shareholder Nod to Acquire Buildings for New Head Office

MT Newswires Live

07/27

Infoline Tec Group (KLSE:INFOTEC) is seeking shareholders' approval for its wholly-owned subsidiary, Infoline IT Solutions, to acquire two adjoining intermediate units from Huayi (SEA) and Orionis Technology, respectively, for a total of 18.6 Malaysian ringgit, according to a Monday filing to Bursa Malaysia.

The investor approval will be sought at the upcoming extraordinary general meeting on Aug. 28.

The company's shares were down nearly 6% in recent trade.

The acquired units will be used to set up the company's new head office. Both acquisitions will be done on a 99-year lease up to Oct. 18, 2106.

Infoline's board is also seeking shareholders' nod for a proposed employees' share option scheme (ESOS) covering up to 10% of issued share capital for eligible directors and employees. The scheme will be valid for five years with an option for a further five-year extension.

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