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- Under the SPA, Pharmaniaga Logistics has already paid a 10% deposit of RM3 million, with the remaining RM27 million to be settled in installments as stipulated in the agreement.
KUALA LUMPUR (Sept 19): Pharmaceutical outfit Pharmaniaga Bhd announced that its wholly owned subsidiary Pharmaniaga Logistics Sdn Bhd has entered into a Sale and Purchase Agreement (SPA) with N.H. Development Sdn Bhd to acquire an industrial property in Seberang Perai Selatan, Penang for RM30 million.
In a bourse filing today, the asset comprises a single-storey detached factory and a double-storey office building on 10,919 sq m of freehold land.
Under the SPA, Pharmaniaga Logistics has already paid a 10% deposit of RM3 million, with the remaining RM27 million to be settled in installments as stipulated in the agreement.
Vacant possession—free of all charges, liens, caveats and encumbrances—must be delivered within 18 months of the SPA date.
The purchaser may enter the property from 9 January 2026 to carry out renovation works, subject to payment terms and the issuance of a Certificate of Completion and Compliance.
Pharmaniaga said the acquisition supports its concession agreement with the Ministry of Health, signed in January 2023, and forms part of its strategy to expand logistics and distribution capacity in northern Peninsular Malaysia.
The company expects the investment, funded through proceeds from its regularisation plan, to strengthen its supply-chain infrastructure and enhance long-term value.
“The acquisition is also consistent with Pharmaniaga’s expansion strategy to enhance its logistics and distribution capacity, particularly in the northern region of Peninsular Malaysia, thereby improving efficiency in serving customers and supporting future business growth,” the bourse filing read.
The SPA is not expected to have any material effect on the group’s earnings and earnings per share for the financial year ending Dec 31, 2025.
The group is of the view that the purchase is in the best interest of the company and confirmed that no directors, major shareholders, or related parties have any interest in the deal.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
