KUALA LUMPUR, 2 July 2021 – Media Prima Berhad (“Media Prima” or the “Group”), Malaysia’s leading fully-integrated media group, announced today that it has initiated an acquisition of its headquarters in Bangsar, Kuala Lumpur, as part of its plans to ensure long-term security for the Group’s business operations.
The Group has accepted a letter of offer from PNB Development Sdn Bhd (“PNB Development”) to acquire Balai Berita Bangsar for a purchase consideration of RM156.4 million. The proposed acquisition is subject to a formal sale and purchase agreement to be entered into between Media Prima and PNB Development.
Media Prima is currently renting Balai Berita Bangsar from PNB Development and the property currently houses the Group’s corporate headquarters and offices for its subsidiaries. The Group said the proposed acquisition will provide long-term certainty to ensure its operations at Balai Berita Bangsar will not be disrupted.
Media Prima has also taken into account the strategic location of Balai Berita Bangsar — an optimal location to support the Group’s operations and future growth. The Group intends to invest in new studios that will complement its existing studios, to cater to its growing content production requirements, as well as consolidate its news gathering operations.
The Group added that while the proposed acquisition makes a good business proposition for its sustainability moving forward, it will also mitigate against the risk of a potential increase in rental rates.
In 2018, Media Prima entered into a sale and leaseback exercise with PNB Development, which involved properties owned by The New Straits Times Press (Malaysia) Berhad including Balai Berita Bangsar.
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