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PETALING JAYA (April 29): KHPT Holdings Bhd's soon-to-be-acquired subsidiary, Ngai Cheong Metal Industries Sdn Bhd (NCMI), has entered into a 10-year lease for a factory complex in Puchong, Selangor, at an initial annual rental of RM1.3 million — part of a broader RM19.5 million acquisition and diversification exercise announced on Monday (April 27).
According to its Bursa Malaysia announcement, the factory, located at PT 57121, Jalan Meranti Perdana 2, Taman Perindustrian Meranti Perdana, Puchong, sits on a freehold land area of approximately 193,547 sq ft and has a lettable area of approximately 118,506 sq ft.
The complex comprises a single-storey detached factory with annexed warehouse and two-storey office, a second single-storey detached factory with mezzanine and warehouse, a three-storey assembly building and cafeteria, and ancillary structures.
The facility is owned by Ngai Cheong Realty Sdn Bhd (NCR), the vendor family's private property vehicle.
The initial rental of RM1.3 million per annum represents a discount of 8.58% against the market rent of RM1.42 million per annum — equivalent to approximately RM1.00 psf per month — as independently appraised by CBRE WTW Valuation & Advisory Sdn Bhd.
Rental will step up by approximately 10% every three years, rising to RM1.43 million (years four to six), RM1.57 million (years seven to nine), and RM1.73 million in the final year, bringing total lease payments over the 10-year tenure to approximately RM14.6 million.
The lease is classified as a related party transaction as the lessor, NCR, is controlled by the same Chan family who are vendors in the acquisition.
Shareholder approval will be sought at an EGM tentatively scheduled for June 25, 2026.
Acquisition backdrop
The lease is contingent on the completion of ACE Market-listed KHPT's proposed acquisition of 100% equity in NCMI for RM19.5 million in cash.
NCMI, established in 1979 and based in Puchong, is a precision metal stamping manufacturer serving Malaysia's E&E sector and global automotive supply chains, recording revenue of RM65.41 million for the financial year ended December 2025.
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