KUALA LUMPUR (Sept 20): Integrated construction and property company PTT Synergy Bhd (KL:PTT) has acquired a semi-detached factory, together with a piece of land, in Sepang from Sime Darby Property Bhd (KL:SIMEPROP) for RM11 million.
PTT Synergy’s wholly-owned subsidiary PTT Synergy Sdn Bhd entered into a sale and purchase agreement with Sime Darby Property (Serenia City) Sdn Bhd for the acquisition, its bourse filing showed.
The factory, identified as Type Cm, sits on 2,633.4 square metres (sqm) of land in Pusat Perindustrian Serenia.
PTT Synergy said the acquisition is intended to support the group’s business expansion. “The properties are strategically located and easily accessible by major highways," it noted.
This acquisition follows PTT Synergy’s purchase in July of a 5,266.8 sqm plot nearby for RM22 million by its wholly-owned subsidiary Pembinaan Tetap Teguh Sdn Bhd from Sime Darby Property (Serenia City) Sdn Bhd and Sime Darby Property (Ampar Tenang) Sdn Bhd.
Earlier this year, PTT Synergy disposed of a total of three factories, also located in Bandar Serenia, for a sum of RM39 million to MCM Land Sdn Bhd and HS Vision One Sdn Bhd, in separate deals.
PTT Synergy expects the current acquisition to be completed within 36 months from the agreement date.
Shares of PTT Synergy, which have surged 72.13% year to date, closed three sen or 2.78% lower to RM1.05 on Friday, giving the company a market value of RM453.77 million.