HeiTech to sell Menara Heitech to PNB

Posted on | April 29, 2008

By BUSINESS TIMES

HEITECH Padu Bhd plans to sell a piece of freehold land and office building, Menara HeiTech Village, in UEP Subang Jaya to Permodalan Nasional Bhd (PNB) for RM65 million.

HeiTech Padu and PNB yesterday entered into a sale and purchase agreement (SPA) for the sale of the property, HeiTech said in a filing to Bursa Malaysia yesterday.

Concurrently, HeiTech Padu and PNB had also entered into an agreement for the leaseback by HeiTech of the property for a fixed term of 10 years from the completion date of the SPA.

The lease agreement is renewable at HeiTech Padus option at a revised monthly rental rate to be mutually agreed upon.

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