Kimlun subsidiaries to acquire land in Johor for RM36.08 million

KUALA LUMPUR: Kimlun Corporation Bhd’s indirect wholly-owned subsidiaries, Kiiville Sdn Bhd (KVSB) and Kii Ashbury Sdn Bhd (KASB), have proposed to acquire freehold agricultural and commercial land in Johor for RM36.08 million.

In a filing to Bursa Malaysia yesterday, Kimlun said KVSB proposed to acquire freehold commercial land in Pulai measuring 20,836.3 square metres from Mah Sing Properties Sdn Bhd for RM14.25 million.

Meanwhile, it said KASB had entered into a sale and purchase agreement with Meridin East Sdn Bhd to purchase 7.24 hectares of land forming part of a freehold agricultural land in Plentong for RM21.83 million.

“The proposed acquisition provides an opportunity for the group to increase the size of its landbank in strategic locations to enhance future revenue and earnings.

“The purchase consideration will be satisfied wholly in cash from internally generated funds and/or external borrowings, breakdown of which is not finalised at this juncture,” the group said.

Kimlun said both KVSB and KASB planned to build commercial properties on the land.

It added given the strategic location of the land, the group was confident that the commercial development to be carried out on the land would be well received by the public. — Bernama