“Asian Pac Holdings acquires Salcon’s property unit PKSB for RM42 million, gaining prime land in Kampung Attap near Kuala Lumpur’s Golden Triangle. Deal to complete by Feb 2026.”
Kuala Lumpur, 19th August 2025, 11.10am – Asian Pac Holdings Bhd as agreed to acquire Prestasi Kemas Sdn Bhd (PKSB), a property development firm owned by Salcon Bhd, in a RM42 million cash deal aimed at expanding its footprint in the Klang Valley real estate market.
The acquisition was formalised on Monday through Asian Pac’s wholly owned subsidiary Kota Platinum Sdn Bhd, which signed a sale and purchase agreement with Salcon’s unit Salcon Development Sdn Bhd (SDSB) and PKSB director Datuk Ding Pei Chai. SDSB currently owns 87.25% of PKSB, while Ding holds the remaining 12.75%.
Prime Land Near Kuala Lumpur’s Golden Triangle
Asian Pac said the deal will provide strategic access to a prime development site in Kampung Attap, located on the fringe of Kuala Lumpur’s Golden Triangle. The site is connected by major roads and is within close reach of Chinatown, Central Market, and the landmark Merdeka 118 tower.
“The proposed acquisition will provide the group with the prospect of continuous business sustainability and growth in Kuala Lumpur. In addition, it also presents a notable strategic shift for the Group, moving beyond its existing focus area towards potentially high-value projects to enhance the group’s branding positioning,” Asian Pac said in its Bursa Malaysia filing.
The RM42 million transaction will be funded through internally generated funds and bank borrowings, with completion targeted by Feb 15, 2026.
Salcon Refocuses on Water Business
In a separate filing, Salcon explained that the divestment aligns with its strategy to unlock the value of PKSB and reallocate resources to its core water and wastewater engineering operations.
For the financial year ended Dec 31, 2024, PKSB recorded a net loss of RM2.62 million and net liabilities of RM23.79 million. However, following a debt-to-equity conversion on Aug 8, 2025, the company’s financial position improved, lifting its net assets to RM103,138.
Market Reaction
On Monday, Asian Pac’s shares closed up half a sen or 5.26% at 10 sen, valuing the group at RM141.44 million. Salcon’s shares, meanwhile, ended down half a sen or 1.82% at 27 sen, with a market capitalisation of RM301.13 million.
Datuk Ding, who retains interests as non-independent non-executive chairman of DKLS Industries Bhd (KL:DKLS), was also a party to the transaction.
