Mi Technovation subsidiary agrees to S$103.88 million Singapore building purchase
The proposed cash acquisition would give its vehicle technologies business a larger headquarters and global operational hub in Singapore.
Mi Technovation Bhd plans to expand its vehicle technologies operations through the proposed purchase of Singapore’s KHL Building for S$103.88 million (RM331.80 million). Its subsidiary Ohima International Pte Ltd has signed a conditional agreement for the cash transaction.
In its Bursa Malaysia filing, the group said the property would provide a larger headquarters for its vehicle technologies business unit (VTBU), supporting expansion and serving as the unit’s global operational hub. The light industrial building has seven storeys and is located on New Industrial Road. Ohima International is wholly owned by Mi Technovation.
Once the purchase and headquarters relocation are complete, the facility is expected to accommodate data and computing, digital twin and artificial intelligence (AI), and product definition and strategy centres. Plans also include centres for worldwide sales and marketing, worldwide finance and legal functions, and customer experience, alongside ancillary facilities.
The group expects the acquisition to support VTBU’s development and commercialisation of electric powertrain systems and associated core components, contributing to future growth. It expects completion no later than the first quarter of 2027.
