PETALING JAYA: PTT Synergy Group Bhd
is acquiring a 3.925-hectares freehold land in Seberang Perai Selatan, Penang, for RM62.53mil to support its future development and business expansion plans.
In a filing with Bursa Malaysia, the group said its unit PTT Logistics Hub 3 Sdn Bhd had entered into a sale and purchase agreement with Lee Mooi Khean for the acquisition.
The vacant land will be held as an investment property with potential for future development, in line with the group's expansion plans, it said.
PTT Synergy said the acquisition represents a strategic investment aligned with its long-term growth objectives, with the property expected to strengthen its asset base and facilitate continued business expansion over the medium to long term.
The company said the purchase consideration was arrived at on a willing-buyer willing-seller basis after taking into account indicative asking prices for comparable land in the surrounding area.
The consideration will be satisfied in cash through a combination of internally generated funds and bank borrowings, with the eventual funding mix to take into account the group's gearing, interest costs and working capital requirements.
"The proposed acquisition is not expected to have a material effect on the group's earnings and earnings per share for the financial year ending June 30, 2027," it said.
It is also not subject to shareholders' or regulatory approvals and is expected to be completed by the first quarter of 2027, barring unforeseen circumstances.
