SkyGate Solutions Bhd has entered into an agreement to acquire a Penang-based property investment company as part of its strategy to expand its portfolio of income-generating industrial assets. The acquisition will see the group add an established industrial property located within the Perai Industrial Park, one of the state’s key manufacturing and logistics hubs.

The transaction involves SkyGate’s property arm acquiring the entire equity interest in Dahlia Cemerlang Sdn Bhd, whose principal asset is an 8.15-acre industrial property in Perai. More than half of the property is currently tenanted, generating approximately RM5.3 million in annual rental income. This provides SkyGate with an immediate recurring income stream upon completion of the acquisition.

SkyGate said the proposed purchase is consistent with its long-term strategy to grow and strengthen its investment property portfolio with stable, income-producing assets in established growth regions. Perai Industrial Park continues to benefit from strong industrial demand due to its proximity to major highways, ports, and Penang’s manufacturing ecosystem.

The acquisition price of RM75.9 million is based on the adjusted net asset value of Dahlia Cemerlang, which includes a revaluation surplus following an independent assessment by CBRE WTW Valuation & Advisory Sdn Bhd. The valuer placed a fair market value of RM82 million on the Perai industrial property, reflecting its strategic location and investment potential.

As the deal involves parties linked to SkyGate’s major shareholder, it is classified as a related-party transaction. The company will therefore seek approval from non-interested shareholders at an extraordinary general meeting to be convened. An independent adviser has been appointed to assess the transaction and advise non-interested directors and shareholders.

Subject to shareholder approval and regulatory requirements, SkyGate expects to complete the acquisition in the second half of 2026. Upon completion, the deal is expected to enhance the group’s recurring income base and strengthen its presence in Penang’s industrial property market.

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