EI Power pays RM17.2mil for a Glenmarie semi-D factory — RM985 per sq ft of built-up, four months after listing

A power engineering firm that has been listed for less than four months has bought its own building. EI Power Berhad told Bursa Malaysia on 9 September 2026 that its wholly owned EI Power Technologies Sdn Bhd had signed a sale and purchase agreement to acquire a freehold semi-detached factory in Bandar Glenmarie for RM17.2 million, to become its new headquarters and warehouse.

The property, in full

The Bursa filing identifies the asset precisely — which is more than most coverage carried:

• Title: individual title H.S.(D) 284618, PT 2975, Bandar Glenmarie, District of Petaling, Selangor — freehold
• Address: No. 17, Jalan Pelukis U1/46B, 40150 Shah Alam, Selangor
• Land area: 1,495.09 sq m — about 16,093 sq ft, or 0.369 acres
• Building: a two-and-a-half-storey semi-detached factory, built-up 1,623 sq m — about 17,470 sq ft, with existing office and warehouse fit-out
• Vendor: Elitesoft Asia Sdn Bhd
• Price: RM17.2 million cash, against an independent market value of RM17.3 million assessed by IM Global Property Consultants Sdn Bhd on 20 June 2026
• Completion: expected within three months, extendable by one

View No. 17, Jalan Pelukis U1/46B on Google Maps

The numbers

• RM1,069 per sq ft of land
• RM985 per sq ft of built-up area
• A 0.6% discount to valuation — RM100,000 below the RM17.3 million assessment. Effectively a transaction at valuation, not a bargain and not an overpay
• Built-up to land ratio of 1.09 — the two-and-a-half storeys buy back slightly more floor than the site covers, which is typical for a Glenmarie semi-D
• Adding the up to RM3.3 million of planned renovation and fit-out takes the all-in to about RM20.5 million, or RM1,173 per sq ft of built-up

EI Power's IPO prospectus earmarked RM18.3 million for the “acquisition and setup of new headquarters cum warehouse”. It is now spending RM15 million of IPO proceeds on the purchase plus RM2.2 million of internal funds, and up to RM3.3 million of IPO proceeds on renovation**. RM15 million plus RM3.3 million is RM18.3 million — the entire earmark, spent on precisely what the prospectus said it would be.

There is also a small piece of passing income: the roof is let to a telecommunications infrastructure provider for RM6,000 a month until 31 May 2027, and that tenancy transfers to EI Power Technologies on completion. On the purchase price alone that is a 0.42% gross yield — immaterial to the economics.

Why a newly listed company buys instead of rents

EI Power builds mission-critical power systems — diesel generation, fuel distribution and solar PV — mostly for data centres, the single hottest construction demand in Malaysia right now. It listed on 21 May 2026 at 48 sen after an IPO oversubscribed 30.8 times, and the shares closed at 79 sen on the day of the announcement, up 2.6%, valuing it at RM553 million — about 65% above the IPO price. OCK Group holds 57.58%.

The company said it currently operates from rented office and storage premises in Selangor, and that the purchase gives it additional office and warehouse capacity for a growing workforce and stock, “while reducing its long-term reliance on rented premises”.

What it means for the industrial market

IPO money is flowing into industrial property. EI Power raised equity partly to buy a building, and did it within four months of listing. When a sector is hot enough to float companies, some of that capital lands in industrial real estate almost immediately — which is a demand source that does not show up in any manufacturing-investment statistic.

And the data-centre boom has a long tail. The headline contracts go to the Gamudas and Kerjaya Prospeks, but the suppliers underneath them — power systems, switchgear, cabling, fuel — are growing too, and they need workshops and warehouses. That demand lands on ordinary industrial estates, not on hyperscale campuses.

Photo: EI Power Berhad. Google Maps link is approximate. EdgeProp has not published an EPIQ map for this transaction.