PETALING JAYA: Asian Pac Holdings Bhd (APHB) is proposing to acquire property development firm Prestasi Kemas Sdn Bhd (PKSB) for RM42mil.

In a filing with Bursa Malaysia, real estate firm APHB said it is acquiring the entire stake in PKSB from Datuk Ding Pei Chai and Salcon Development Sdn Bhd (a wholly-owned subsidiary of Salcon Bhd).

Ding holds 423,510 ordinary shares in PKSB.

APHB said the proposed acquisition will enable the group to secure strategic access to a prime development area located at the fringe of the Golden Triangle in Kuala Lumpur.

“The land is located particularly in the part of the larger district of Kampung Attap and is well connected via main access roads and within close proximity to Chinatown, KL Central Market and Merdeka 118.

“This acquisition is expected to further enhance APHB group’s presence in the Klang valley.”

APHB said it is optimistic that the proposed acquisition will contribute positively to its earnings in the future.