PTTS acquires two pieces of land from Sime Darby Property for RM22mil

PETALING JAYA: PTT Synergy Group Bhd (PTTS) has entered into sale and purchase agreements with Sime Darby Property (Serenia City) Sdn Bhd and Sime Darby Property (Ampar Tenang) Sdn Bhd for the acquisition of two pieces of land with for a total cash consideration of RM22mil.

In a filing with Bursa Malaysia, PTTS said both the lands have semi-detached factories on them.

“The properties are strategically located and easily accessible by major highways. Hence, the properties are expected to be suitable to accommodate the business expansion.”

Barring any unforeseen circumstances, PTTS said the proposed acquisitions are expected to be completed within 36 months from the date of the sale and purchase agreements.

“The properties are under construction, hence there is a risk of non-completion of the properties. The group is taking prudent steps to acquire the properties from renowned developer, namely Sime Darby Property Bhd, one of the biggest property developers in Malaysia which has many years of track record in developing residential, commercial and industrial properties.”