Glomac Berhad continuously looks out for new opportunities both locally in Malaysia and overseas to develop more exciting and innovative products. It is part of our vision to become world class developers and to expand our operations. In 2006, Glomac made two overseas investments in Melbourne, Australia and Bangkok, Thailand.
Melbourne, Australia - Our first overseas property investment is in Australia with a purchase of an office building. This purchase was made through Glomac's associated company in Australia.The building includes a 7-level carpark with 445 bays and 5130sqm of office and 324sqm of retail space. The cost of acquisition was AUD30.5 million for 380 Lonsdale St.
In October 2013, the disposal of this investment property has been concluded for a total consideration of AUD48.3 million. This has resulted in share of profit in an associated company of AUD5.2 million or equivalent to RM15.4 million.
Bangkok, Thailand - Glomac has taken the first step towards exploring business opportunities in Thailand. Through our subsidiary, Glomac Thailand Sdn Bhd, we have recently signed a joint venture agreement with Warehouse Asia Alliance Company Limited (WAA) of Thailand.
WAA specializes in the warehousing and logistic services in and around the Bangkok Metropolitan area. The construction of the company has been completed, a huge "build-to-suit" warehouse, which will be leased for a period of 15 years to a renowned international pharmaceutical company on Mid July 2007.
On 14 September 2011, Glomac Thailand Sdn Bhd entered into a Share Sale and Purchase Agreement with WHA Corporation Co. Ltd. for the disposal of the investment for Baht 289.91 million (RM30.92 million).