Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Aug 1): Ingenieur Gudang Bhd (formerly known as Dynaciate Group Bhd) has proposed to acquire leasehold industrial land measuring 9.32 acres in Puncak Alam, Kuala Selangor from Yuwang Development Sdn Bhd and Global Bloom Sdn Bhd for RM30.45 million.

According to a Bursa Malaysia filing on Monday (Aug 1), the construction company’s wholly-owned subsidiary Magnitude Resources Sdn Bhd entered into a conditional sale and purchase agreement with Yuwang Development and Global Bloom for the proposed acquisition.

Ingenieur Gudang said the group intends to build storage space suitable for courier and logistics businesses.
 
The group said the RM30.45 million purchase consideration was reached at an “as-is-where-is basis” in view of the market value of the property being RM30.45 as ascribed by an independent valuer.

Ingenieur Gudang said the proposed acquisition of the industrial land is in line with the group’s overall strategy to expand its property development segment.

It is also constantly looking for new land with development potential.

The group noted that barring any unforeseen circumstances, the proposed acquisition is expected to be completed by the third quarter of 2024.

Malacca Securities Sdn Bhd has been appointed as the principal adviser for the acquisition.

Shares in Ingenieur Gudang finished down half a sen or 4.35% at 11 sen, giving it a market capitalisation of RM104.12 million.

Edited ByLam Jian Wyn
      Print
      Text Size
      Share