PTT Synergy buys land for RM36mil

KUALA LUMPUR: PTT Synergy Group’s wholly-owned subsidiary, PTT Logistics Hub 1 Sdn Bhd (PTTL H1) has proposed to acquire two parcels of freehold land in Gombak, Selangor for RM36mil cash.

In a filing with Bursa Malaysia, PTT Synergy said PTTL H1 entered a sale and purchase agreement (SPA) with Koperasi Kakitangan Bank Rakyat Bhd (Sekatarakyat) for the proposed acquisition.

PTTL H1 will acquire two parcels of land with sizes of 11,295 sq m and 15,042 sq m, respectively, for RM15.4mil and RM20.56mil.

PTT Synergy said the purchase consideration will be satisfied in cash, funded by a combination of internally generated funds and bank borrowings.

“The proposed acquisition provides an investment opportunity for the group to develop a commercial warehouse in which its storage and retrieval systems are fully automated. This is part of the group’s strategy to continuously provide comprehensive solutions for warehousing and distribution centres, with a strong emphasis on total intralogistics solutions,” it said