SLB Development’s 51% indirectly owned subsidiary, Oxley Kyanite, on April 24 exercised the option to purchase Pei-Fu Industrial Building at 24 New Industrial Road at $76.25 million.

Freehold Pei-Fu Industrial Building has a land area of about 5,792.1 sqm (62,346 sq ft). SLB intends to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities. The purchase will be funded with internal resources and external borrowings.

A deposit of $3.81 million has been paid, and a similar sum is payable upon consent of the sale by the Strata Titles Boards or the High Court. The remaining amount is payable upon legal completion of the sale and purchase.

According to SLB, the acquisition is not expected to have any material impact on the net tangible assets per share and earnings per share for the current financial year ending on May 31.