The process equipment maker said it received a letter from the liquidator of Serba Dinamik Group Bhd yesterday informing that it had received the forms of summons copy relating to the liquidator’s application for directions on the sale of the 3,025 sq m land together with the office building.

“The purchase consideration of RM38 million was arrived at based on an ‘as-is-where is’ basis after arm’s length negotiations and after taking into consideration the net book value and the market value of the said property,” the company said in a filing with Bursa Malaysia today.

APB, which is based in Shah Alam, said the acquisition would enable the group to utilise the property for its own purposes and generate income by renting it out.

It added the proposed transaction, to be financed via internally generated funds, was expected to be completed before Nov 30.

Serba Dinamik, a Practice Note 17 (PN17) status company, narrowed its net loss to RM105.02 million in the fourth quarter ended June 30 (Q4 FY2023) from RM327.76 million a year ago, on higher operating income and lower administrative expenses.