Pos Malaysia to acquire two properties for RM8.84m

PETALING JAYA: Pos Malaysia Bhd is acquiring two new adjoining units of one-and-a-half-storey link-detached factory located at Iskandar Halal Park, Johor for RM8.84 million from Tentu Teguh Sdn Bhd, a property development company linked to its major shareholder.

The group told the stock exchange that the properties, which sit on freehold land measuring 2,504.988 square metres will address its current office space constraint and business expansion plan.

Pos Malaysia will be acquiring the properties for RM4.42 million each.

The market value of each of the properties stood at RM4.74 million as appraised by independent valuer Hakimi & Associates Sdn Bhd.

Pos Malaysia said the proposed acquisition will be fully satisfied in cash through internal funds and/or bank borrowing.

The acquisition is deemed as a related party transaction since tycoon Tan Sri Seri Syed Mokhtar Shah Syed Nor, (Tan Sri Syed Mokhtar Al-Bukhary) is the major shareholder of both Pos Malaysia and Tentu Teguh.

The stock declined 8.02% to close at RM1.72 with 6.68 million shares done.

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