KUALA LUMPUR (Dec 26): Pensonic Holdings Bhd is buying two parcels of freehold land in Taman Perindustrian WorldwideKapas Bestari (Phase 2) in Kapar, Klang from Cekal Unggul Sdn Bhd for RM20.07 million cash.

In a filing today, Pensonic said the acquisitions, via Pensonic Sales & Services Sdn Bhd, were made with the intention of constructing a new warehouse and office block there.

The two parcels of land, measuring 138,649.93 sq ft and 131,814.85 sq ft respectively, were sold by Cekal Unggkul which developed the industrial park, to all interested buyers at RM74 per square foot.

“No valuation was carried out prior to the acquisition,” said Pensonic.

The electrical product manufacturer said it will fund the acquisition via both internal funds and bank borrowings, with the exact mix to be determined at later stage.

“The acquisition is in line with Pensonic group’s strategy to expand its warehousing and office operations to cater to business expansion in the south/central regions and export markets, save on warehouse rental cost and consolidate operations in one location,” it said.

“The close proximity of the land to Port Klang is strategic and would complement business operations going forward,” added Pensonic.

Shares of Pensonic closed unchanged at 60.5 sen, giving it a market capitalisation of RM78.45 million.