KUALA LUMPUR (Oct 10): PTT Synergy Group Bhd has entered into a sale and purchase agreement (SPA) to acquire two parcels of freehold development land for RM70.56 million via indirect wholly owned subsidiary Projek Tetap Teguh Sdn Bhd (Projek TT) on Tuesday.

In a filing with Bursa Malaysia, the group said the 7.28 hectares (18 acres) of land is located in Seberang Perai Selatan, Penang.

The company said the proposed acquisition is expected to strengthen the group’s involvement within the industrial development segment and is “a valuable addition” to the group’s landbank.

“The group is currently focused on industrial development as its key synergistic pillar and core competence”, with a “built-to-suit and warehousing solution” to cater exclusively to its customers’ needs, the filing said.

The group has also proposed to undertake a private placement of up to 36 million new shares, representing approximately 20% of total shares issued at a price to be determined later.

As at Sept 18, 2023, being the latest practicable date prior to this announcement, its issued share capital was RM173.21 million, comprising 180.08 million shares. It does not have any treasury shares.