Prestariang to buy eight properties for RM25.5mil

PETALING JAYA: Prestariang Bhd is acquiring eight properties in Cyberjaya for RM25.51mil, as part of the company’s transformational and business expansion plans.

In a filing with Bursa Malaysia yesterday, the talent, technology and education provider said its wholly-owned subsidiary, Prestariang Systems Sdn Bhd, had entered into eight separate sale and purchase agreements with Joyful Star Sdn Bhd for the purchase of an eight-storey, semi-detached signature corporate offices and retail suites.

“The properties are within an on-going mixed development project known as Star Corporate Park, Star Central@Cyberjaya comprising of commercial / office blocks.

“Currently, the development of the properties is 55% completed and is expected to be fully completed with certificate of compliance and completion by first quarter of 2018,” it said.

The properties range from 4,264 sq ft to 5,731 sq ft. The company said RM2.8mil of the purchase price would come from internal funds to fund the purchase, while the remaining RM22.7mil will be funded through bank borrowings.

“The proposed acquisitions are not expected to have any material effect on consolidated earnings of the Prestariang Group for the financial year ending Dec 31, 2017,” the company said, adding that the proposed acquisitions are expected to be completed by March 31, 2017.

Earlier this month, Prestariang signed a memorandum of understanding with the Alibaba Group and Singapore’s Conversant Solutions Pte Ltd to build an integrated education platform known as EduCloud.