KUALA LUMPUR (Sept 30): Building materials manufacturer Ajiya Bhd will be acquiring some 2.48ha of industrial land and a factory building located in the Mukim of Beranang, Ulu Langat, Selangor, for total consideration of RM16.6 million.

In a filing with Bursa Malaysia, Ajiya said its unit, Ajiya Safety Glass Sdn Bhd, has entered into three sale and purchase agreements with XPLODE.Com Sdn Bhd for the acquisition of the properties.

“The properties are located at a growing area that would be utilised for Ajiya’s future expansion,” it said.

The company expects the transaction to be completed within six months’ time.

“The board of directors of Ajiya, having taken into consideration all aspects of the transaction, is of the opinion that the transaction is in the best interest of Ajiya and its shareholders,” said the company.

Ajiya closed unchanged at RM2.58, with market capitalisation of RM178.6 million.