Pegasus Heights unit to acquire Port Dickson freehold land for RM6.35 mil

PETALING JAYA (July 22): Pegasus Heights Bhd's wholly owned subsidiary, Pegasus Heights Development Sdn Bhd, has entered into a sale and purchase agreement to acquire a 3.275-hectare freehold vacant land in Mukim Si Rusa, Port Dickson, Negeri Sembilan for RM6.35 million.

In a Bursa Malaysia filing on Tuesday (July 21), the company said the land, held under Geran 36181, Lot No 4092, will be acquired from eight individual vendors on a willing buyer and willing seller basis.

Pegasus said the purchase consideration was arrived at after taking into consideration the transacted price range of similar properties within a 10km vicinity. The acquisition will be funded through bank borrowings.

Pegasus said the proposed acquisition is intended to expand the group's landbank and provide an additional revenue stream when the land is developed, and that it expects the acquisition to enhance its long-term earnings potential and strengthen its development portfolio.

According to the filing, the land is vacant, free from encumbrances and has no restriction in interest.

Pegasus said the proposed acquisition is not expected to have any material effect on its earnings per share or net assets per share for the financial year ending Dec 31, 2026, and will not affect its share capital or substantial shareholders' shareholdings.

The highest applicable percentage ratio for the transaction under Bursa Malaysia's Main Market Listing Requirements is 5.4%, based on the group's audited financial statements for the financial year ended Dec 31, 2025.

The acquisition does not require shareholders' or regulatory approvals and is expected to be completed by the fourth quarter of 2026, barring unforeseen circumstances.

..........

Read about emerging trends, data-backed insights, growing subsectors, and expert commentaries in EdgeProp print. Subscribe now for your free copy!