Prestariang acquires eight properties for RM25.5 mil

KUALA LUMPUR (Jan 27): Prestariang Bhd has proposed to acquire eight properties at Star Corporate Park, Star Central@Cyberjaya for RM25.5 million, to accommodate its future expansion plans.

“Upon completion of the proposed acquisitions, the properties will be used to house the new transformational businesses of Prestariang and future business expansion of the group,” it said in a filing today.

The company said its wholly-owned subsidiary Prestariang Systems Sdn Bhd had entered into eight separate sale and purchase agreements with Joyful Star Sdn Bhd for an eight-storey semi-detached signature corporate offices/retail suites at the development located in Sepang, Selangor.

“The properties are within an on-going mixed development project known as Star Corporate Park, Star Central@Cyberjaya comprising of commercial/office blocks.

“Currently, the development of the properties is 55% completed and is expected to be fully completed with certificate of compliance and completion by first quarter of 2018,” said the company.

Prestariang said it intends to use RM2.8 million of its internal funds to fund the purchase, while the balance RM22.7 million will be funded through bank borrowings.

However, it said the acquisition will not have any effect on its gearing position for its financial year ending Dec 31, 2017 (FY17).

The acquisition is expected to be completed by March 31, 2017. — theedgemarkets.com