Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 9): Prestariang Bhd is acquiring eight semi-detached signature corporate offices and retail suites in Cyberjaya for a total of RM11.41 million.
 
The properties, which are adjacent to eight properties acquired for RM25.51 million in January, are in a strategic location to consolidate the group’s operations, the technology and education provider said in a filing with Bursa Malaysia today.
 
Prestariang said its wholly-owned subsidiary, Prestariang Systems Sdn Bhd, entered into eight separate sales and purchase agreements with Joyful Star Sdn Bhd today. The properties are priced at a discount from the gross purchase price of RM12.27 million, it said.
 
“The offices shall be fully equipped with an international standard training centre and Centre of Excellence, showcasing the group’s intellectual properties (IPs),” the group added.
 
The properties are expected to house the group’s Sistem Kawalan Imigresen Nasional (SKIN) and EduCloud operations, software & services, TalentXChange and group corporate office.
 
“The properties are located within an ongoing mixed development project known as Star Corporate Park, Star Central@Cyberjaya comprising commercial and office blocks,” Prestariang said, adding that the development is expected to be completed by the first quarter of 2018.
 
According to the agreements, Prestariang will receive vacant possession of the property within three years from Joyful Star, a property development unit of the Emkay group.
 
Prestariang said the acquisition is not expected to have any material effect on its earnings, net assets, gearing or share capital for the financial year ending Dec 31, 2017.
 
Shares in Prestariang closed down 2 sen or 1.16% at RM1.70 apiece today, leaving the group with a market capitalisation of RM822.8 million.

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