KUALA LUMPUR, DXN Holdings Bhd (KL:DXN), a multi-level marketing company focused on health and wellness products, is set to purchase an apartment in Dubai’s Burj Khalifa for 6.4 million dirhams (RM7.37 million) in cash from its executive chairman and major shareholder, Datuk Lim Siow Jin.
The apartment, on the 60th floor, spans 1,887.99 sq ft and includes two parking bays, according to DXN’s Bursa filing. The acquisition is via DXN’s wholly-owned unit, Daxen Middle East Food Manufacturing LLC, which will fund the purchase using internal resources. DXN confirmed the transaction will not affect its balance sheet or dividend payouts.
As a related-party transaction, the deal involves substantial shareholders, with Lim holding a 58.36% stake in DXN through himself, his wife Datin Leong Bee Ling, and LSJ Global Sdn Bhd. Lim’s wife, Datin Wan Illiyyin Wan Mohd Nazi, is also part of the sale agreement.
DXN plans to use the property for leadership training, VIP events, and influencer-led content creation, while also exploring potential rental income. The company said the apartment will integrate with its incentive and lifestyle programmes, similar to its existing retreat centres at Boulder Valley Glamping in Penang and DXN Cyberville in Cyberjaya. DXN highlighted that the Burj Khalifa’s global luxury status aligns with the company’s branding and international focus.
Dubai has become an important hub for DXN, which established a manufacturing plant there in 2023. The Middle East contributed over 10% of the company’s revenue in FY2025.
This follows DXN’s November 2024 plan to lease a Gulfstream G550 corporate jet from a company linked to Lim for up to US$6.6 million (RM27.89 million) per year, also a related-party transaction funded entirely from internal funds. DXN defended the jet, saying it supports the company’s global expansion, particularly in Latin America, where 11 of its 13 manufacturing facilities are located and which accounted for nearly 58% of FY2024 sales.
In July, DXN reported a 13.6% year-on-year decline in first-quarter net profit to RM73.91 million from RM85.56 million, citing foreign exchange losses due to a stronger ringgit. Revenue for 1QFY2026 increased slightly to RM479.1 million from RM475.1 million in 1QFY2025. The company maintained a dividend of 0.9 sen per share, unchanged from the previous year.
DXN said it is continuing its expansion plans, including new facilities in Peru and Morocco and a domestic hub in Kelantan, despite macroeconomic challenges such as currency volatility, regional instability, and supply chain risks. Shares of DXN closed at 50 sen, down half a sen or 0.99%, giving the company a market capitalisation of RM2.49 billion.
