-- MeGroup's (SGX:SJY) subsidiary, Menang Nusantara, agreed to acquire two freehold commercial units in Malaysia from Welloyd Properties for nearly 14 million ringgit, according to a Tuesday filing with the Singapore Exchange.
Shares of the acoustic and component systems manufacturer surged over 9% in Wednesday trading.
The units are located in Klang, Selangor and comprise two-story semi-detached commercial buildings each.
Under the agreement, Welloyd will complete construction of the properties and deliver vacant possession to the company's unit within 36 months from the date of the agreement or from the receipt of regulatory approval for development, whichever is later.
The move is in line with the company's strategy to expand its retail dealership network in the region.