KUALA LUMPUR (Dec 28): Kimlun Corp Bhd is buying two freehold tracts in Johor from Mah Sing Group Bhd for RM36.08 million. Kimlun said it plans to build commercial properties on the tracts.

In separate statements to Bursa Malaysia today, Kimlun said it is buying an approximately 208.36ha (20,836.30 sq metre) tract along Jalan Persiaran Pulai Perdana for RM14.25 million. The company said it is also buying a 7.16ha (17.9 acre) site in Plentong for RM21.83 million.

Kimlun said the proposed acquisitions provide "an opportunity for the group to increase the size of its landbank in strategic location in order to enhance its future revenue and earnings".

For the Jalan Persiaran Pulai Perdana land, Kimlun said its wholly-owned subsidiary Kiiville Sdn Bhd had signed the sale and purchase agreement with Mah Sing's 100%-owned subsidiary Mah Sing Properties Sdn Bhd.

For the Plentong site, Kimlun said its wholly-owned subsidiary Kii Ashbury Sdn Bhd had entered into the sale and purchase agreement with Meridin East Sdn Bhd. Mah Sing owns 100% of Meridin East.

Kimlun said both agreements were signed yesterday. Today, Mah Sing shares settled at RM1.46 at 12:30pm while Kimlun was traded at RM2.29. — theedgemarkets.com

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