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 Australian subsidiary.The building includes a 7-level carpark with 445 bays and 5130sqm of office and 324sqm of retail space. Glomac paid $30.5 million for 380 Lonsdale St. We believe the property has great long-term investment potential as the commercial market in Australia is about to enter into a period of growth.
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).