FURNIWEB (08480) completes acquisition of property in Malaysia.

FURNIWEB (08480) announces that its wholly-owned subsidiary, PRG Land Sdn Bhd, has purchased 50 units of multi-storey towers in the development project named Picasso Residence located in Lot 20010 Seksyen 88, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur, Malaysia, on leasehold land with State Lease No. 52579, from its controlling shareholder PRG Holdings Berhad. The directors are pleased to announce that all conditions of the purchase have been met, and the purchase was completed on February 7, 2025. 88% of the consideration (totaling HK$96.52 million, equivalent to RM54.54 million at the agreed exchange rate) was paid by issuing and allotting consideration shares at the issue price of HK$96.52 million (equivalent to RM54.54 million) based on the total consideration, and 322 million new shares will be issued to PRGH as payment balance according to the total agreement.