PETALING JAYA: Prestar Resources Bhd
plans to acquire three semi-detached factory units at Serendah Technology Park in Rawang North, Selangor, for a total of RM15.43mil, as the steel products manufacturer expands its industrial footprint.
In a Bursa Malaysia filing, the company said three of its subsidiaries entered into separate sale and purchase agreements (SPAs) with a vendor on July 22 to acquire the three-storey factory buildings.
The properties comprise land parcels ranging from about 20,107 sq ft to 31,119 sq ft, with each factory offering a built-up area of approximately 9,790 sq ft.
The purchase consideration totals RM15.43mil, with the individual properties priced at between RM4.82mil and RM5.71mil. Payments will be made progressively based on construction milestones, with vacant possession expected within 36 months from the date of the SPAs.
Prestar also disclosed that the transaction constitutes a related-party transaction as several of its directors and major shareholders have interests in the vendor through shareholdings and directorships.
The interested directors have abstained and will continue to abstain from all board deliberations relating to the proposed acquisitions.
