MMAG buys warehouses in Iskandar Puteri for RM10.5m

MMAG buys warehouses in Iskandar Puteri for RM10.5m
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KUALA LUMPUR (Oct 24): MMAG Holdings Bhd is buying four units of one-and-a-half storey ready-built semi-detached factory in Iskandar Puteri, Johor for RM10.46 million.

In a stock exchange filing today, the group said the purchase was made by its wholly-owned subsidiary Ingenuity Microsystems Sdn Bhd from Liangsiang Capital Sdn Bhd. 

MMAG said the purchase consideration will be fully satisfied from proceeds of the conversion of Irredeemable Convertible Preference Shares. 

It said the properties will be used by MMAGG’s subsidiary Line Clear Express and Logistic Sdn Bhd’s courier and logistics’ future storage and warehousing needs. 

The proposed acquisition is not expected to have any material effect on the consolidated earnings of the MMAG group for the financial year ending March 31, 2019 (FY19), the filing added. 

MMAG’s share price was unchanged at 25 sen today, with a market capitalisation of RM155.75 million.