KUALA LUMPUR (Dec 29): PTT Synergy Group Bhd has proposed to acquire a piece of industrial land in Bandar Bukit Raja, Klang from Sime Darby Property Bhd for RM12.25 million.

The freehold land, measuring 4,987 sq m, has a double-storey detached factory erected on it, PTT Synergy said in a Bursa Malaysia filing.

PTT Synergy’s wholly owned sub-subsidiary, PTT Assets Sdn Bhd, entered into an agreement with Sime Darby Property’s wholly owned unit, Sime Darby Property (Bukit Raja) Sdn Bhd, for the purchase of the property.

PTT Synergy, formerly known as Grand Hoover Bhd, said the purchase consideration will be fully satisfied via cash which may be generated from internally generated funds of RM1.75 million and external borrowings of RM10.5 million.

The acquisition is expected to be completed by the second quarter of 2023, said PTT Synergy.

Shares of PTT Synergy closed eight sen or 7.27% lower at RM1.02 on Thursday (Dec 29), giving the company a market capitalisation of RM91.8 million.

Source: EdgeProp, 29 December 2022.