UK property purchase as Tanjung diversifies earnings

Kuala Lumpur: Tanjung Offshore Berhad is paying RM37.18m to buy Wavenet Investments from the UK’s Cross Space Securities.

Wavenet owns a 100% shareholding in Sparkling Light Investments, which in turn owns an eight story building in the UK’s second city of Birmingham.

“The acquisition of the property will enable Tanjung to diversify its income stream from the oil and gas industry. With the acquisition of the property, Tanjung shall benefit from potential recurring rentals income and capital appreciation of the property in the near future. The acquisition of the property can also be a hedge against the volatility of the ringgit and enable Tanjung to participate in the potential capital appreciation of the robust property market amidst a recovering economy in the UK,” the company said in a release to the Kuala Lumpur stock exchange.  [24/03/14]

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