ETA Group to acquire Bandar Sri Damansara industrial property for RM16.5 mil

PETALING JAYA (May 28): Property and construction group ETA Group Bhd, formerly known as Rex Industry Bhd, is proceeding with the proposed acquisition of a freehold industrial property in Bandar Sri Damansara, Selangor, for RM16.5 million in cash.

In a Bursa filing on Tuesday (May 26), the company said the acquisition will be undertaken by ETA Development Sdn Bhd, its wholly-owned subsidiary, and that the purchase consideration will be satisfied entirely in cash.

The asset comprises a parcel of freehold land together with a five-storey office/factory building and a basement car park (the “Subject Property”). The transaction follows ETA’s earlier announcement on May 22, 2026, outlining the terms of the sale and purchase agreement (SPA) for the property.

ETA said an independent fair opinion letter issued by Izrin & Tan Properties Sdn Bhd on Dec 12, 2025 estimated the fair sale price of the Subject Property at between RM18 million and RM18.5 million.

The valuation was derived from a market assessment and comparison with similar properties in the Bandar Sri Damansara vicinity, taking into account factors such as the property’s location, size, condition, existing improvements and extensions, surrounding developments, recent comparable transactions and prevailing market trends.

The group also reproduced Bank Negara Malaysia’s latest assessment of the macro environment, noting that the Malaysian economy expanded by 5.4% in the first quarter of 2026, compared with 6.2% in the preceding quarter, driven mainly by domestic demand.

According to Bank Negara’s Economic and Financial Developments in Malaysia report for the first quarter of 2026, household spending remained supported by favourable labour market conditions and targeted policy measures, while investment activity continued to benefit from multi-year projects and the implementation of national master plans.

ETA highlighted that, as a small and open economy, Malaysia may face both direct and indirect effects from ongoing geopolitical tensions in the Middle East, including higher energy prices, supply chain disruptions and heightened uncertainty.

Despite these headwinds, the central bank expects the Malaysian economy to remain resilient in 2026, with growth projected between 4% and 5%, supported by domestic demand and continued export expansion, particularly in the electrical and electronics sector.

ETA said copies of the SPA and the independent fair opinion letter will be made available for inspection at its registered office at No 46C, Plaza Damansara, Jalan Medan Setia 2, Bukit Damansara, 50490 Kuala Lumpur, during normal business hours from Monday to Friday (except public holidays) for a period of three months from the date of the announcement.

The company added that all other terms and definitions remain as set out in its initial announcement on May 22, 2026, and that the latest filing provides additional information specifically on the purchase consideration and supporting valuation for the proposed acquisition.

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