Advance Synergy expands property business with building buys

KUALA LUMPUR (Jan 17): Kuching-based Advance Synergy Bhd is acquiring two commercial properties — one located on Jalan Yap Ah Shak here and the other in Temasya Glenmarie, Shah Alam — for a combined RM40.95 million.

In a filing with Bursa Malaysia yesterday, Advance Synergy said its wholly-owned subsidiary Advance Synergy Realty Sdn Bhd had signed a sale and purchase agreement with Petaling Garden Sdn Bhd for the proposed acquisition of a 70% stake in a detached commercial five-storey building block on Jalan Yap Ah Shak for RM18.9 million.

Separately, Advance Synergy Realty signed a deal with Temasya Development Co Sdn Bhd for a 70% stake in a detached commercial four-storey building in Temasya Glenmarie for RM22.05 million.

Petaling Garden is wholly-owned by I&P Group Sdn Bhd, a wholly-owned unit of S P Setia Bhd, while Temasya Development is a 66.06%-owned subsidiary of Petaling Garden and a 30.1% associate of UDA Holdings Bhd.

The remaining 30% interest in both properties will be acquired by Kibar Konsep Sdn Bhd, which is controlled by Advance Synergy’s non-independent, non-executive director Aryati Sasya and her brother and Advance Synergy executive deputy chairman Anton Syazi Ahmad Sebi.

Both purchases will be funded by Advance Synergy’s internal funds and/or bank borrowings, and are subject to the approval of the Economic Planning Unit.

“Barring any unforeseen circumstances, the proposed acquisition is expected to be completed in the first half of 2018,” it said.

This article first appeared in The Edge Financial Daily, on Jan 17, 2018.

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