Share
- The property comprises about 72,356 sq ft of land, with an additional 23,357 sq ft of extra land, and a gross floor area of about 33,350 sq ft.
KUALA LUMPUR (Dec 17): Prestar Resources Bhd (KL:PRESTAR) said it is buying an industrial property in Serendah Technology Park for RM17 million from Landmark Concord Resorts Sdn Bhd, a company linked to its group managing director Datuk Toh Yew Peng.
In a Bursa Malaysia filing, the steel products manufacturer said its subsidiaries—Prestar Precision Tube Sdn Bhd, Dai Dong Steel Sdn Bhd and Prestar Engineering Sdn Bhd—will jointly purchase the freehold industrial land and factory building.
The property comprises about 72,356 sq ft of land, with an additional 23,357 sq ft of extra land, and a gross floor area of about 33,350 sq ft.
Prestar noted that the indicative purchase price was based on market value determined by an independent valuer using the comparison method.
The acquisition will be funded entirely through internally generated funds, with no liabilities to be assumed.
Prestar said the deal is not expected to have a material impact on its earnings, net assets or gearing for the financial year ending Dec 31, 2025.
The group added that the purchase is intended to provide a stable income stream, reduce idle cash exposure, diversify treasury assets beyond fixed deposits, and offer potential capital appreciation from owning a freehold industrial property.
The transaction is expected to be completed within 36 months from the date of the sale and purchase agreement, subject to the fulfilment of conditions precedent.
Shares in Prestar closed unchanged at 30.5 sen on Wednesday, valuing the group at RM109.98 million. Year to date, the stock has declined 20.8%.
Unlock Malaysia’s shifting industrial map. Track where new housing is emerging as talents converge around I4.0 industrial parks across Peninsular Malaysia. Download the Industrial Special Report now.
