KUALA LUMPUR (Feb 28): Advancecon Holdings Bhd is acquiring two plots of lands in an industrial area in Gombak for RM13.75 million to develop a workshop for its expanding construction fleet. 

The group is buying the leasehold plots, measuring 20,223 sq metres and 22,426 sq metres, from Perbadanan Kemajuan Negeri Selangor (PKNS). 

It plans to fund the purchase through internal funds and borrowings, but emphasised it will not use the proceeds from its initial public offering last year. 

Advancecon said the location of the land in Kota Puteri, Bandar Baru Arang will make it more convenient for its servicing team to maintain its machinery and equipment. 

The group has already locked in several construction contracts in Rawang, Ijok and Puncak Alam in northen Selangor, with contract period ranging from one to two years.  

Shares of Advancecon lost 3.5 sen or 4.86% to close at 68.5 sen today, giving it a market capitalisation of RM275.42 million.