Aset Kayamas Sdn Bhd is selling 187 units of serviced apartments in its ongoing development in Pahang known as Antara @ Genting Highlands, to Vortex Consolidated Bhd for RM246.35 million.
Vortex announced in a stock exchange filing today that it has entered into a conditional sale and purchase agreement with Aset Kayamas.
The company stated that the proposed acquisition of the serviced apartments would broaden its property portfolio.
According to the filing, it is purchasing the serviced apartments in bulk at a discount.
Vortex stated that it has been constantly seeking business opportunities to expand its property portfolio through acquisitions.
The company's current property portfolio consists of a mix of commercial and residential properties.
Vortex said that it is actively seeking land banks and/or properties to earn recurring rental income as well as capital appreciation.
It said that this would benefit its earnings, improve its cash flow position, and improve its financial performance in the medium to long term.
