Mi Technovation plans RM331.8 million Singapore hub purchase
The proposed acquisition would give its vehicle technologies unit a new headquarters, with relocation intended after its current lease expires in November 2028.
Mi Technovation Bhd has proposed buying an industrial property in Singapore for RM331.8 million, with plans to make it the headquarters and global operations base for its vehicle technologies business.
In a Bursa Malaysia filing, the company said subsidiary Ohima International Pte Ltd had entered into a conditional agreement with Kim Hup Lee & Co (Private) Ltd for KHL Building at 25 New Industrial Road. Shareholders must approve the transaction at an extraordinary general meeting, alongside other relevant approvals.
The seven-storey, freehold building is vacant and has 10,348.4 square metres of gross floor area. The price reflects an independent valuation dated September 17.
The vehicle technologies business unit, or VTBU, develops and commercialises electric powertrain systems and associated core components. Mi Technovation said development progress and revenue generated during the first half of its financial year ending December 31, 2026, had prompted the need for more space.
Planned uses include data and computing, digital twin and artificial intelligence facilities, as well as product strategy, sales, marketing, finance, legal and customer experience functions.
VTBU currently leases a 568 sq m headquarters in Queenstown. It intends to move to KHL Building after that lease ends on November 30, 2028. The company expects the purchase to save about S$330,000 annually in rent.
Indicative financing consists of S$77.4 million in bank loans, S$25.44 million from Mi Material Holding Ltd's Singapore Exchange listing proceeds and S$1.04 million from internal funds. Mi Technovation also anticipates incidental acquisition expenses of about S$5.31 million.
