Mi Technovation Unit To Acquire KHL Building In Singapore For SG$103.88 Mln

KUALA LUMPUR, Oct 30 (Bernama) -- Mi Technovation Bhd's wholly owned subsidiary, Ohima  International Pte Ltd, has entered into a conditional sale and purchase agreement to acquire a seven-storey light industrial development located at New Industrial Road, KHL Building, in Singapore, for S$103.88 million (RM331.80 million) in cash.

In a filing to Bursa Malaysia, the semiconductor technology group said the proposed acquisition is to support the expansion of its vehicle technologies business unit’s (VTBU) operations and to establish a larger headquarters facility in Singapore to serve as its global operational hub.

Upon completion of the proposed acquisition and relocation of VTBU's headquarters operations to the property, the headquarters is expected to comprise, amongst others, a main data and computing centre, a digital twin and an artificial intelligence (AI) centre, a product definition and strategy centre, a worldwide sales and marketing centre, a worldwide finance and legal centre, a customer experience centre and other ancillary facilities.

It said the proposed acquisition is expected to contribute positively to the group’s future growth as it will support VTBU's continued growth and commercialisation efforts in the development of electric powertrain systems and related core components.

The group expects the proposed acquisition to be completed by the first quarter of 2027.

-- BERNAMA