Prestar to acquire land in Selangor for RM17mil

PETALING JAYA: Prestar Resources Bhd is proposing to acquire freehold industrial property in Serendah Technology Park, Rawang North, Selangor, from Landmark Concord Resorts Sdn Bhd for RM17mil.

In a filing with Bursa Malaysia, the hardware and steel related products manufacturer said the site, measuring 72,356 sq ft plus extra land of 23,357 sq ft, consists of a semi-detached light industrial factory.

“The proposed acquisition aligns with the group’s objective by providing a stable income stream, reducing idle cash exposure, offering potential capital appreciation from freehold industrial property, diversifying the group’s treasury assets beyond fixed deposits, and supporting long-term value creation and capital preservation as well as potential future business requirements.”

Prestar said the proposed acquisition is not expected to have a material impact on gearing, as it will be fully funded through internal cash resources.