KUALA LUMPUR (Dec 21): Pharmaceutical and veterinary products manufacturer YSP Southeast Asia Holdings Bhd (YSPSAH) is buying a property in Bandar Baru Bangi, Selangor for RM31 million.

The property will be used for the group’s future expansion for the production of food and health supplements, it said in a Bursa Malaysia filing on Wednesday (Dec 21).

Its unit YSP Industries (M) Sdn Bhd on Wednesday entered into an agreement with Onkyo Asia Electronics Sdn Bhd (OAE), a manufacturer of consumer electronic audio and video equipment products.

Acquired by OAE in 1990, the original investment cost of the property totalled approximately RM14.294 million.

According to YSPSAH, the acquisition will be settled in cash, using a combination of internally generated funds of 15% and bank borrowings of 85%.

In addition, the exercise is expected to be completed within three months from the date of the agreement.

YSPSAH shares settled up five sen to 5.5 sen on Wednesday, giving it a market value of RM359.62 million. Its share price has risen 32% year-to-date.