PTT Synergy proposes acquisition of Klang factory for RM12.26mil

KUALA LUMPUR: PTT Synergy Group Bhd's wholly owned sub-subsidiary PTT Assets Sdn Bhd has inked a sale and purchase agreement with Sime Darby Property (Bukit Raja) Sdn Bhd to acquire a 4,987sqm tract with a double-storey detached factory in Kapar in Klang, Selangor, for RM12.26mil.

In a filing with Bursa Malaysia, PTT Synergy said the purchase consideration will be fully satisfied via cash, comprising of internally generated funds and borrowings.

It said the proposed acquisition is for the company's business operations and to accommodate business expansion.

Barring unforeseen circumstances, the proposed acquisition is expected to be completed by the second quarter of 2023.

In a separate filing with Bursa Malaysia, PTT Synergy said it has also entered into a sale and purchase agreement with a former director of the company, Sim Cheng Young, for the disposal of two lots of vacant agricultural land for a total consideration of RM4.76mil.

"The proposed disposals are part of the group’s asset rationalisation exercise for the non-core investment properties. The Disposal Consideration of RM4,755,000 represents an appreciation of more than 543% in value since the Lands were acquired on 9 December 2011," said the group.