KUALA LUMPUR (Sept 15): My EG Services Bhd (MyEG) plans to buy seven storeys of stratified parcels for office use at Empire City @ Damansara for RM44.29 million cash. MyEG said the acquisition allows the group to centralise its operations and relocate all employees under one roof to improve efficiency and operational productivity. The purchase consideration for the acquisition was agreed based on a willing-buyer, willing-seller basis and after considering the market value of the previous transactions of the same office block and the current property market condition. "In the near term, the market outlook for property, specifically the office market is expected to remain resilient with stable occupancy and rental rates," said MyEG. Shares of MyEG closed 1 sen or 0.5% lower at RM2.14 today, for a market capitalisation of RM5.16 billion.

Source: The Edge Markets September 15, 2016 12:11 UTC