Listen to this articleMedia Prima Berhad 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 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.
According to a statement released by Media Prima, the group is currently renting Balai Berita Bangsar from PNB Development and the property currently houses the corporate headquarters and offices for its subsidiaries.
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.
In July 2020, as a cost-cutting measure, Media Prima Bhd said it may end its lease agreement with Permodalan Nasional Bhd (PNB) for a property in Bangsar.
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