KUALA LUMPUR: PTT Synergy Group Bhd said its wholly-owned subsidiary PTT Development Sdn Bhd has inked deals with Koperasi Kakitangan Bank Rakyat Bhd for the construction of five industrial warehouses for RM52mil each.

According to PTT's filing with the stock exchange, the warehouses, with a built-up area of 101,567.81 sq ft each, will be constructed on 20 individual parcels of freehold land in Pontian, Johor.

The development shall be completed within 36 months from the dates of their respective sale and purchase agreements.

"The development further provides PTT Group with secured buyers for the Warehouses and are expected to enable PTT Group to realise development profits, strengthen its cash flow and provide financial resources for PTT Group’s existing and future business activities," it said.

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