KUALA LUMPUR (Nov 22): Latitude Tree Holdings Bhd is buying a piece of freehold land measuring 40,469 sq metres (435,604 sq ft) in Klang for RM29.38 million, or RM67.44 per sq ft.

The furniture manufacturer said the location of the land is strategic as it is near its existing factories and head office.

Hence, it said the purchase will enable the group to improve its operations and may also enhance its investment income in the long run with capital appreciation potential.

In a bourse filling, Latitude said its wholly-owned unit Uptown Promenade Sdn Bhd is buying the land from Goodroad Construction Sdn Bhd.  

The purchase consideration will be financed by internally-generated funds and bank borrowings, it added.

Latitude’s share price closed two sen or 0.67% lower at RM2.96, bringing the group a market capitalisation of RM282.2 million.