PETALING JAYA: PTT Synergy Group Bhd
, via its wholly-owned subsidiary PTT Development Sdn Bhd, has entered into five sales and purchase agreements with Koperasi Kakitangan Bank Rakyat Bhd (Sekatarakyat) to develop and construct five industrial warehouses on 20 freehold land parcels in Pontian, Johor.
Upon completion, each warehouse will be sold to Sekatarakyat for RM52mil, for a total sale consideration of RM260mil.
“The development is in line with PTT Synergy and its subsidiaries’ property development activities and its strategy to develop industrial and logistics-related properties,” the company said in a filing with Bursa Malaysia.
The development is expected to contribute positively to the revenue, earnings and net assets of PTT Group progressively in accordance with the applicable accounting standards.
