SHL ... Apr10

It has proposed to acquire 60 per cent equity interest in Goodstock Land Sdn Bhd (GSL) for a cash consideration of RM25.56 million from Datuk Yap Teiong Choon and Datuk Yap Chong Lee.

SHL Consolidated is the largest single tenant occupying five-and-half floors in Wisma Sin Heap Lee, a property of which both the building and the land it is situated on is owned by GSL.

The property was valued at RM48 million. The move would allow it to recover RM525,312 or 60 per cent of the share rental payable to GSL. In total, SHL Consolidated would earn an annual rental income of approximately RM1.463 million from its 60 per cent share of rental income derived from the said property.
The rental savings and additional rental income provide a source of sustained recurring income to SHL Consolidated.
The property is strategically located near the intersection of Jalan Tun Razak and Jalan Ampang, near to the Kuala Lumpur City Centre development, SHL Consolidated said.

The purchase consideration would be funded via internally generated funds.