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UOA buys land near Bangsar South for RM81 mil

KUALA LUMPUR (May 26): UOA Development Bhd has purchased a freehold piece of land for RM81.1 million to build a complementary commercial development to its anchor development Bangsar South City.

In a filing with the stock exchange yesterday, UOA said it is buying the 9,686.682 sq ft land from Suileem Realty Sdn Bhd.

"The acquisition is a strategic move as the land is expected to complement the existing developments in Bangsar South City," it said.

"The proposed acquisition shall be satisfied by cash from internally generated funds," it added.

UOA's shares closed two sen lower at RM2.62 yesterday, giving a market capitalisation of RM4.29 billion. — theedgemarkets.com

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