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BUSINESS

Media Prima to buy Balai Berita Bangsar from PNB for RM156 mln

02/07/2021 07:20 PM

KUALA LUMPUR, July 2  -- Media Prima Bhd has accepted an offer from PNB Development Sdn Bhd for the media company to acquire Balai Berita Bangsar for RM156.4 million.

In a statement, the media group said it initiated the acquisition of its headquarters in Bangsar, Kuala Lumpur, as part of its plans to ensure long-term security for the group’s business operations.

Media Prima said the strategic location of Balai Berita Bangsar will support the group’s operations and future growth, hence the proposed acquisition will provide long-term certainty to ensure that its operations are not disrupted.

“While the proposed acquisition makes a good business proposition for our sustainability moving forward, it will also mitigate against the risk of a potential increase in rental rates. 

“We intend to invest in new studios that will complement our existing studios to cater to our growing content production requirements as well as to consolidate newsgathering operations,” it said. 

Currently, Media Prima is renting Balai Berita Bangsar from PNB Development and the property houses the group’s corporate headquarters and offices for subsidiaries. 

In 2018, Media Prima entered into a sale and leaseback exercise with PNB Development, involving properties owned by The New Straits Times Press (Malaysia) Bhd, including Balai Berita Bangsar. 

PNB Development is a wholly-owned subsidiary of Permodalan Nasional Bhd. 

-- BERNAMA

 

 


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