KUALA LUMPUR (Aug 18): Asian Pac Holdings Bhd (KL:ASIAPAC) is acquiring a property development firm from Salcon Bhd (KL:SALCON) for RM42 million in cash, in a move to strengthen its presence in the Klang Valley.
Its wholly owned subsidiary, Kota Platinum Sdn Bhd, on Monday signed a sale and purchase agreement with Salcon’s wholly owned unit, Salcon Development Sdn Bhd (SDSB), and Datuk Ding Pei Chai to acquire the entire equity interest in Prestasi Kemas Sdn Bhd (PKSB).
SDSB holds an 87.25% stake in PKSB, while Ding, a director of PKSB, owns the remaining 12.75%. Ding also serves as the non-independent non-executive chairman of DKLS Industries Bhd (KL:DKLS).
The deal, to be funded via internally generated funds and bank borrowings, is expected to be completed within six months, or by Feb 15, 2026, according to the group’s filings with Bursa Malaysia on Monday.
Asian Pac said the acquisition will give it strategic access to a prime development site on the fringe of Kuala Lumpur’s Golden Triangle, specifically in Kampung Attap. The site is well connected by major roads and is close to Chinatown, Central Market and Merdeka 118.
“The proposed acquisition will provide the group with the prospect of continuous business sustainability and growth in Kuala Lumpur. In addition, it also presents a notable strategic shift for the Group, moving beyond its existing focus area towards potentially high value projects to enhance the group’s branding positioning,” it added.
Salcon, in a separate filing, said the disposal is consistent with its strategy to unlock the value of its investment in PKSB and reallocate resources to its core water and wastewater engineering businesses.
For the financial year ended Dec 31, 2024, PKSB posted a net loss of RM2.62 million and net liabilities of RM23.79 million. On a proforma basis, however, its financial position turned positive after a debt-to-equity exercise on Aug 8, 2025, when PKSB issued 1.91 million new ordinary shares to SDSB as repayment for RM23.89 million in shareholder advances, lifting its net assets to RM103,138.
On Monday, Asian Pac’s share price settled up half a sen or 5.26% at 10 sen, valuing it at RM141.44 million.
Shares of Salcon closed down half a sen or 1.82% at 27 sen on Monday, giving it a market capitalisation of RM301.13 million.
