KUALA LUMPUR (Oct 11): APB Resources Bhd has proposed to acquire a 16-storey Serba Dinamik building in Shah Alam, Selangor for RM38 million, subject to the approval from the High Court.

In a Bursa Malaysia filing on Wednesday, the group said it has received a letter from the liquidator of troubled oil and gas (O&G) company, Serba Dinamik Group Bhd in respect of the liquidator’s application for directions on the sale on the leasehold land in Section 14, Shah Alam together with the office building.

“The proposed acquisition will enable APB Resources to utilise the said property for its own purposes and generate income through renting it out,” said the group which is involved in the fabrication of specialised design process equipment for the O&G, power as well as food and beverages industries.

Meanwhile, the group highlighted the proposed acquisition will be financed through an internally generated fund.

It also highlighted that the proposed acquisition is expected to be completed before Nov 30, 2023.

Shares in APB Resources ended four sen or 1.83% higher to RM2.22, giving it a market capitalisation of RM250.58 million.

Since the beginning of the year, the stock has soared by 48%.