Poh Huat Resources Buying US$3.20 Million Warehouse In Australia

KUALA LUMPUR, Sept 20 (Bernama) -- Furniture manufacturer and seller Poh Huat Resources Holdings Bhd is buying a detached warehouse cum office-showroom in Dandenong, Victoria, Australia for US$3.20 million (AU$4.25 million). In a filing to Bursa Malaysia (Malaysia's Stock Exchange) on Monday, Poh Huat Resources, a Malaysia-based investment holding company said the acquisition is the first step for the group in establishing an operational base in Australia. With the facility, it can efficiently consolidate the export and storage of a wider range of office and home furniture in smaller quantity to suit the market demand in Australia. The warehouse cum office-showroom comprises a single-storey clear span warehouse with an office with retail/showroom facilities at the front of the property. It is located in Estate One in East Dandenong, one of the key industrial estates in the structure plan for the South Dandenong Industrial Area Extension. The acquisition is expected to be completed by December 2016. --BERNAMA