As part of the deal, NSTP is proposing a rental payment of RM1.38 million per month to continue using both properties for six years. ― AFP pic

PETALING JAYA, Aug 30 — The New Straits Times Press (M) Berhad (NSTP) is selling off Balai Berita, which is its headquarters in Kuala Lumpur, and two other properties, a news portal reported.

Malaysiakini today reported that the company, which publishes the New Straits Times, Berita Harian and Harian Metro, was also disposing of its printing plant in Shah Alam and a vacant plot of land.

The report said NSTP has entered into a conditional sales and purchase agreement, and if the deal with PNB Development Sdn Bhd proceeds, it will generate RM280 million for the company, which is 98.17 per cent owned by Media Prima Bhd.

Citing Media Prima’s filing to Bursa Malaysia earlier today, it said Balai Berita was valued at RM118,720,000, while the Shah Alam property was valued at RM127,900,000.

As part of the deal, NSTP is proposing a rental payment of RM1.38 million per month to continue using both properties for six years.

Malaysiakini said NSTP has 90 days to secure the approval of Media Prima’s shareholders through an extraordinary general meeting.

The report added that Media Prima, which posted an RM669.66 million net loss for the financial year 2017, said the sale of the two properties will provide an immediate boost to the group’s cash flow to fund its revenue diversification plan called “Project Odyssey”.