KUALA LUMPUR (Oct 10): The technology and education provider Prestariang Bhd saw its share price rise 4.12% in active trade today after revealing the acquisition of eight semi-detached signature corporate offices and retail suites in Cyberjaya for a total of RM11.41 million.
At 11.40am, Prestariang rose seven sen to RM1.77 with 211,800 shares traded, for a market capitalisation of RM819.91 million. Year to date the counter has fallen about 14.08%.
In a bourse filing yesterday, Prestariang said its wholly-owned subsidiary Prestariang Systems Sdn Bhd entered into eight separate sales and purchase agreements with Joyful Star Sdn Bhd. The properties are priced at a discount from the gross purchase price of RM12.27 million.
"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 said.
The properties are expected to house the group's Sistem Kawalan Imigresen Nasional (SKIN) and EduCloud operations, software and services, TalentXChange and group corporate office.
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.
Prestariang expected the development to be completed by the first quarter of 2018.
According to the agreements, Prestariang will receive vacant possession of the properties 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.