Tek Seng Holdings Bhd is buying three parcels of freehold vacant land in Seberang Perai, Penang for RM33.96 million.
It told the bourse that its unit, Wangsaga Industries Sdn Bhd (WISB) is acquiring a 4.8765 ha plot of land from Bagan Specialist Centre Sdn Bhd for RM26.98 million.
WISB is also acquiring a 0.39 ha plot for RM2.18 million, and another 0.86 ha for RM4.8 million.
The PVC products manufacturer said the purchase consideration was arrived at RM51 psf based on an ‘as is where is’.
“The transaction is in line with the company’s strategy of acquiring land bank at locations near to its existing factories for investment and/or future expansion of the group,” it said.
Tek Seng shares gained half a sen or 1.67% at 30.5 sen today, giving it a market capitalisation of RM110 million. – TMR