SEDANIA Innovator Bhd, through its 51%-owned subsidiary Offspring Inc Sdn Bhd, has entered into a related-party transaction to acquire an office property from Datuk Noor Azrin Mohd Noor (picture), the company’s MD.

The property, located in Petaling Jaya, Selangor, is being purchased for RM2.4 million, to be paid in cash.

The acquisition is strategically aimed at providing additional office space for Sedania Group, which is located in the same building, reducing operational costs and supporting expansion.

The purchase will be funded by internally generated funds (RM240,000) and bank financing (RM2.16 million).

The transaction is subject to state authority consent and is expected to complete within three months, by the first quarter of 2025.

The acquisition is considered a related-party transaction due to the involvement of Noor Azrin, who holds significant shares in Sedania and is also a director of Offspring.

He, along with other interested parties, abstained from voting on the transaction. — TMR