PTT Synergy to acquire land in Selangor for RM22 mil cash

• The group, via its wholly owned subsidiary Pembinaan Tetap Teguh Sdn Bhd, has entered into sale and purchase agreements with Sime Darby Property (Serenia City) Sdn Bhd and Sime Darby Property (Ampar Tenang) Sdn Bhd for the proposed acquisitions.

KUALA LUMPUR (July 17): Integrated construction and property company PTT Synergy Group Bhd (KL:PTT), which recently announced a one-for-one bonus issue exercise, is acquiring two parcels of land with semi-detached factories in Selangor from Sime Darby Property Bhd (KL:SIMEPROP) for RM22 million in cash.

The group, via its wholly owned subsidiary Pembinaan Tetap Teguh Sdn Bhd, has entered into sale and purchase agreements with Sime Darby Property (Serenia City) Sdn Bhd and Sime Darby Property (Ampar Tenang) Sdn Bhd for the proposed acquisitions.

“The properties are strategically located and easily accessible by major highways. Hence, the properties are expected to be suitable to accommodate the business expansion,” PTT Synergy said in a bourse filing.

PTT Synergy plans to fund the proposed acquisitions, which are expected to be completed within 36 months, through external borrowings.

Shares in PTT Synergy, which have surged 107.38% year to date, settled at seven sen or 2.69% lower on Wednesday, valuing the company at RM546.69 million.

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