EI Power Bhd is paying RM17,200,000 for a freehold factory in Bandar Glenmarie, Shah Alam, giving the recently listed group a permanent headquarters and warehouse less than four months after its ACE Market debut.
The arithmetic is what makes the deal easy to read. The Bursa-linked announcement carried by KLSE Screener states that EI Power Technologies Sdn Bhd signed the sale and purchase agreement on 9 September 2026 with Elitesoft Asia Sdn Bhd. The land measures 1,495.09 sq m, or about 16,093 sq ft. Against the RM17,200,000 price, that works out to roughly RM1,069 psf on land area. Using the rounded 16,100 sq ft figure in the news report puts it at about RM1,068 psf.
On built-up space, the number is lower. The property has about 17,472 sq ft of built-up area, so the price comes to about RM984 psf before renovation and fit-out costs. EI Power said the two-and-a-half-storey semi-detached factory is at No. 17, Jalan Pelukis U1/46B, 40150 Shah Alam, Selangor.
The funding source is unusually direct. The group plans to use RM15,000,000 from its initial public offering proceeds for the acquisition and the remaining RM2,200,000 from internally generated funds. It also plans renovation and fit-out works, with up to RM3,300,000 of IPO proceeds set aside for that work, according to the same filing.
The consideration also sits just below the independent valuation cited in the filing. EI Power said the property was valued at RM17,300,000 by IM Global Property Consultants Sdn Bhd, while the agreed cash price is RM100,000 lower at RM17,200,000. That is a narrow gap, but it gives the board a valuation reference for a related practical decision: whether to keep renting or put IPO proceeds into a permanent operating base.
The purchase is not framed as a landbank move. EI Power currently operates from rented office and storage premises in Selangor, and said the factory will provide additional office and warehouse capacity for its workforce, storage needs and operations. The Edge Malaysia also reported that the property is meant to become the group's new headquarters.
There is a small income line attached to the asset. KLSE Screener's news report said the rooftop has an existing tenancy with a Malaysian telecommunications infrastructure provider that generates RM6,000 a month and expires on 31 May 2027. That tenancy and rental income are expected to transfer to EI Power Technologies after handover.
Completion is expected within three months from the date of the sale and purchase agreement, with a one-month extension available. EI Power said the acquisition is not expected to have a material effect on its net assets, gearing or earnings for the financial year ending 31 December 2026.
