Supermax subsidiary buys land from S P Setia unit

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KUALA LUMPUR (Sept 21): Supermax Corp Bhd's wholly-owned subsidiary Maxter Glove Manufacturing Sdn Bhd is buying two pieces of land in Selangor from S P Setia Bhd's subsidiary Bandar Setia Alam Sdn Bhd for RM73.49 million to build an operations headquarters for Maxter.

In a statement to Bursa Malaysia today, Supermax said the two freehold tracts with total land area of about 1.99ha (approximately 4.962 acres) are located in Bukit Raja within Selangor's Petaling district.

"The proposed construction will complement the group's future operational needs.

"The proposed acquisition will be funded through internally generated funds and bank borrowings. The exact mix of internally generated funds and bank borrowings will be decided at a later date.

"Barring any unforeseen circumstances, the proposed acquisition is expected to be completed within three months of the unconditional date," Supermax said.

According to Supermax, Maxter is buying the two pieces of land for RM35.01 million and RM38.48 million respectively.

The first tract has a land area of approximately 0.95ha (2.364 acres) while the second tract has a land area of about 1.04ha (2.598 acres).

At Bursa's 12:30pm break today, Supermax's share price settled down 14 sen or 1.84% at RM7.46 for a market capitalisation of RM19.23 billion.

The stock saw some 11 million shares traded.