<div class=newsTextDataWrapInner><p>KUALA LUMPUR: Fiamma Holdings Bhd is acquiring two pieces of land on the fringe of the Sungai Besi industrial hub for RM48.98 million.</p></div>

<div class=newsTextDataWrapInner><p>In a filing with Bursa Malaysia, Fiamma said its wholly-owned unit Fiamma Properties Sdn Bhd yesterday entered into a sale and purchase agreement with the administrator of the estate of Hoh Kuan@Ho Kwan for the land.</p></div>

<div class=newsTextDataWrapInner><p>The freehold land measuring 0.64ha is intended for both residential and commercial development purposes.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Fiamma said the acquisition is to cater for future expansion of its property development activities and to enhance its future earnings.</p></div>

<div class=newsTextDataWrapInner><p>The firm will fund the acquisition via bank borrowings and internal funds. It will decide on the funding breakdown at a later stage.</p></div>

<div class=newsTextDataWrapInner><p>Assuming 80% of the RM48.98 million is financed through external borrowings, Fiamma said its pro forma gearing position will increase to 0.36 times from 0.23 times.</p></div>

<div class=newsTextDataWrapInner><p>It added the group’s earnings per share is expected to enhance over time.</p></div>

<div class=newsTextDataWrapInner><p>The acquisition is expected to complete in the financial year ending Sept 30, 2015.</p></div>

<div class=newsTextDataWrapInner><p>Fiamma shares closed down two sen or 0.99% to RM2.01 yesterday, giving it a market capitalisation of RM275.19 million.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>This article first appeared in <em>The Edge Financial Daily</em>, on December 24, 2014.</p></div>


KUALA LUMPUR: Fiamma Holdings Bhd is acquiring two pieces of land on the fringe of the Sungai Besi industrial hub for RM48.98 million.

In a filing with Bursa Malaysia, Fiamma said its wholly-owned unit Fiamma Properties Sdn Bhd yesterday entered into a sale and purchase agreement with t...

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