KUALA LUMPUR (Sept 26): PWF Corporation Bhd’s (KL:PWF) wholly owned subsidiary PWF Timberhill Sdn Bhd is acquiring 14 units of shop-offices worth RM27.8 million.

The subsidiary has entered into 14 sale and purchase agreements (SPAs) with TWL USJ Heights Sdn Bhd for the properties located in Damansara, Selangor.

“The vendor has obtained planning permission from the relevant authorities to develop the commercial project provisionally known as TWL Avenue, USJ, in such phase or phases as deemed fit, including any amendments approved from time to time, in accordance with the layout plan,” PWF said in a filing with Bursa Malaysia on Friday.

The company said the total purchase price will be satisfied in cash, funded through a combination of internally generated funds and bank borrowings.

Barring unforeseen circumstances, the construction of the properties is expected to be completed within 36 months from the date of the SPAs, subject to full settlement of the purchase price and compliance with all conditions stipulated in the agreements.

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