KUALA LUMPUR: MKH Bhd’s wholly-owned subsidiary, Serentak Maju Corp Sdn Bhd, will purchase freehold land from Inch Kenneth Kajang Rubber Public Limited Company for RM42.21 million.
In a filing with Bursa Malaysia today, the conglomerate said both parties have entered into a sale and purchase agreement for the land, measuring approximately 6.0323 hectares, located in Bangi, Selangor.
“The purchase price was determined on a willing buyer, willing seller basis, taking into account our internal assessment of the land’s viability for commercial development once converted to commercial use,” MKH said.
It also said that the proposed acquisition presents an opportunity for the group to further expand its property development portfolio and leverage its expertise in the Selangor property market.
“The proposed residential and commercial development on the land augurs well for the group’s future growth and earnings prospects,” it said, adding that the purchase will be funded by Serentak Maju’s internal funds and bank borrowings.
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