KUALA LUMUR (April 7): Ekovest Bhd through its subsidiary Ekovest Properties Sdn Bhd has purchased two parcels of freehold land from substantial shareholder Lim Seong Hai Holdings Sdn Bhd (LSHHSB) for RM26.77 million.

The first parcel of land measures 2,403 square meters and is located at Lot 256, Seksyen 85, Bandar Kuala Lumpur.

The second parcel of land, measuring 2,290 square meters, is located at Lot 326, Seksyen 85, Mukim Kuala Lumpur, Tempat Setapak, Daerah Kuala Lumpur.

Ekovest Properties said it intends to combine the lands together with its existing land bank to undertake its mixed commercial development project called EkoQuay, which shall commence works in 2018.

The development will be built on a combined 2.75 acres of land, it said in a statement to Bursa Malaysia today.

It said the acquisition is expected to be financed via internally generated funds and borrowings in the proportion of 30% to 70%.

Barring any unforeseen circumstances, the acquisition is expected to be completed in the third quarter of 2017, it said.

Ekovest shares closed down two sen or 1.45% lower at RM1.36, bringing it a market capitalisation of RM2.91 billion. — theedgemarkets.com

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