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PETALING JAYA (Aug 13): PTT Synergy Group Bhd has entered into five sale and purchase agreements (SPAs) to develop and sell five industrial warehouses in Pontian, Johor, to Koperasi Kakitangan Bank Rakyat Bhd (Sekatarakyat) for RM260 million.
The group said in a Bursa Malaysia filing on Wednesday (Aug 12) that its wholly owned subsidiary PTT Development Sdn Bhd (PTTD) will develop the warehouses on 20 individual freehold parcels identified as PTD 16172 to PTD 16191 in Mukim Jeram Batu, Pontian.
Each single-storey warehouse will include mezzanine office space and ancillary facilities, with an approximate built-up area of 101,568 sq ft. Each warehouse will be sold to Sekatarakyat for RM52 million upon completion.
Under the respective agreements, PTTD is to complete the development within 36 months, subject to the required approvals and the terms and conditions of the SPAs. Upon completion, it will sell, assign and transfer its rights, interests and entitlements in the respective warehouses to Sekatarakyat.
PTT Synergy said the development is in line with the group’s strategy to develop industrial and logistics-related properties. It said the agreements provide the group with secured buyers for the warehouses and are expected to enable it to realise development profits and strengthen its cash flow.
The development is also expected to contribute positively to the group’s revenue, earnings and net assets progressively.
No shareholder approval is required, as the development forms part of PTT Synergy’s ordinary course of property development business. It remains subject to approvals from the state authority and other relevant government authorities.
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