Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (April 27): Seacera Group Bhd has proposed the acquisition of a company that owns a 250-acre land in Semenyih for RM220 million.

Seacera, which is chiefly involved in manufacturing tiles and other building materials, said the acquisition will enable the group to accelerate the growth of its property development activity.

The group said its subsidiary Seacera Properties Sdn Bhd is buying the entire equity interest in Duta Nilai Holdings Sdn Bhd from two individuals, Ismail Othman and Zainab Mansor. Duta Nilai is the holding company of Duta Skyline Sdn Bhd, which owns the land.

The acquisition presents an opportunity for the group to increase its land bank with minimal upfront cash, Seacera said in a filing to Bursa Malaysia today.

The deferred payment of the balance purchase price enables the group to manage the cash flow better for the development of the land and to make the payment of the balance purchase price from the proceeds of the development, it added.

Seacera said the land is strategically located, being near Kuala Lumpur City Centre and surrounded by current developments from established property developers such as EcoWorld, Mah Sing, UEM Sunrise and S P Setia.

Seacera rose 2.5 sen or 2.92% to close at 88 sen with 686,300 shares done.

 

      Print
      Text Size
      Share