Jastamax obtains notification to sell Apex Tower

PETALING JAYA: Jastamax Sdn Bhd, a wholly owned subsidiary of Mah Sing Bhd, has received notification from its solicitors that State Authority Consent has been obtained for the acquisition of a 7-storey retail and office space known as Apex Tower by a Taiwan national, Chen Ho-Yuan.

In a filing to Bursa Malaysia on March 25, Mah Sing said with the State Authority Consent, the SPA has now become unconditional.

“The remaining 45% of the total sale consideration shall be received by Jastamax in accordance with the progress of work pursuant to the SPA. The project is expected to be completed by early 2011,” said Mah Sing.

Mah Sing added that Jastamax has accepted the request from Chen to change the upgraded specifications of the property to the standard specifications. The revised total cash consideration shall now therefore be RM55.878 million.

The change in building specifications is not expected to have any material impact on the net assets, gearing and earnings of Mah Sing Group for the financial year ending Dec 31, 2010.

Apex Tower consists of two levels of retail and five levels of office space with a gross floor area of 109,280 sq ft and net floor area of 90,126 sq ft.

Apex Tower forms part of the overall freehold commercial development project known as Southgate commercial development in Sungai Besi.