Media 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.
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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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