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PETALING JAYA (July 23): Prestar Resources Bhd has entered into sale and purchase agreements (SPAs) through three subsidiaries to acquire three units of three-storey semi-detached factories at Serendah Technology Park, Rawang North, Selangor, for a total purchase consideration of RM15.43 million.
It said in a Bursa Malaysia filing on Tuesday (July 22) that the properties are being acquired from Y K Toh Property Sdn Bhd, with the transaction classified as a related party transaction (RPT) under Chapter 10 of the Main Market Listing Requirements due to interests held by certain directors and major shareholders of Prestar in the vendor.
The properties, which form part of Serendah Technology Park – Phase 1, comprise:
1) Lot B2 (Type IB5), with a land area of 21,130 sq ft and built-up area of 9,790 sq ft, for RM4.90 million;
2) Lot A6 (Type IB4), with a land area of 20,107 sq ft and built-up area of 9,790 sq ft, for RM4.82 million; and
3) Lot B1 (Type IB5), with a land area of 31,119 sq ft and built-up area of 9,790 sq ft, for RM5.71 million.
Prestar said the vendor is 70%-owned by Y K Toh Property Sdn Bhd, while the remaining 30% is held by Soh Tik Siew.
The company identified executive vice chairman Toh Yew Seng, group managing director Kenny Toh Jin Tat, executive directors Toh Hui Yi, Jason Toh Jin Hin and Alan Toh Jin Joo, as well as major shareholders Toh Yew Keat and Datuk Toh Yew Peng, as interested parties in the transaction.
The interested directors have abstained and will continue to abstain from all board deliberations relating to the transaction, Prestar said.
Under the SPAs, the purchase consideration will be paid progressively based on construction milestones. The vendor is required to deliver vacant possession of the properties within 36 months from the SPA date, subject to the purchasers having paid all amounts due under the agreements.
The SPAs are not subject to any condition precedent.
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