APB Resources Bhd plans to acquire the 16-storey Menara Serba Dinamik in Shah Alam, Selangor, along with the leasehold land where it sits for RM38 million, subject to the High Court’s approval.
In an amended announcement of Bursa Malaysia today, the company said it received a letter from the liquidator of Serba Dinamik Group Bhd (Serba Dinamik) on Oct 10 informing that it had received a sealed copy of forms of summons copy relating to the liquidator’s application for directions on the sale of the 3,025-sq metre land together with the office building erected thereon.
The process equipment maker said the purchase consideration of RM38 million arrived at based on an ‘as-is-where is’ basis after arm’s length negotiation and after taking into consideration the net book value and the market value of the said property.
“The company had on 1 September entered into a sales and purchase agreement (SPA) for the purchase of the said property, subject to the terms contained in the SPA.”
Serba Dinamik had filed the application for direction on sale of the said property pursuant to SPA, pending approval from High Court.
APB, which is based in Shah Alam, said the acquisition would enable the group to utilise the property for its own purposes and generate income by renting it out.
It added that the proposed transaction was expected to be completed before Nov 30, 2023.
