PTT Synergy to buy four Bukit Raja factories for RM32m
PTT Synergy Group Bhd plans to acquire four freehold industrial properties under construction in Bandar Bukit Raja, Klang, Selangor, for RM31.997 million. The acquisition, to be funded through bank borrowings, is intended to accommodate the group's business expansion.
PETALING JAYA (Oct 1): PTT Synergy Group Bhd plans to acquire four freehold industrial properties under construction in Bandar Bukit Raja, Klang, Selangor, for RM31.997 million to accommodate its business expansion. In a Bursa Malaysia filing on Wednesday (Sept 30), the group said its indirect wholly owned subsidiary, PTT Assets Sdn Bhd, had signed four separate sale and purchase agreements with Sime Darby Property (Bukit Raja) Sdn Bhd.
The properties comprise four parcels of industrial land within Phase i18A of the development, each with a detached factory and two-storey office. Each Type A1 factory will have a built-up area of approximately 8,414 sq ft. The parcels — Lots i18A/05, i18A/06, i18A/07 and i18A/21 — have a combined land area of 8,778 sq m, or about 2.17 acres, in Mukim Kapar, Klang. Three have provisional addresses along Jalan Berunsai 1/KU5, while the fourth is on Jalan Berunsai 2/KU5.
The purchase prices are RM7.748 million for Lot i18A/05, RM7.761 million for Lot i18A/06, and RM8.244 million each for Lots i18A/07 and i18A/21. PTT said the consideration was agreed on a willing-buyer, willing-seller basis, taking into account the properties’ strategic location and the market value of industrial properties in the surrounding area. No valuation was carried out for the proposed acquisition.
The purchase will be funded through bank borrowings, with the final amount to be determined later. Payments will be made in instalments under the respective agreements. The vendor is a wholly owned subsidiary of Sime Darby Property Bhd and the beneficial owner of the lots. Sime Darby Property (Klang) Sdn Bhd remains the registered proprietor pending the transfer of the individual titles to the vendor.
According to the filing, the individual titles are in the process of being endorsed with a charge in favour of Public Bank Bhd. PTT acknowledged a risk of non-completion as the properties are under construction. The acquisition is expected to be completed within 36 months of the agreements, subject to the fulfilment of their conditions and barring unforeseen circumstances.
Under the agreements, the vendor is to deliver vacant possession within 36 months of the respective agreement dates, provided the relevant certificates of completion and compliance have been obtained. PTT said the acquisition is not expected to materially affect the group’s earnings or earnings per share for the financial year ending June 30, 2027. It is also not expected to materially affect net assets, while its effect on gearing will depend on the amount of bank borrowings utilised.
The transaction does not require shareholder or regulatory approval. PTT said none of its directors, major shareholders or persons connected with them has any direct or indirect interest in the acquisition.
