KUALA LUMPUR (Dec 27): UOA Development Bhd has acquired property developer Naik Makmur Development Bhd for RM24.67 million cash, to expand its existing land bank in the district of Pantai, Kuala Lumpur.

Owned by Lembah Bayusegar Sdn Bhd, Naik Makmur holds two parcels of freehold land in Pantai totalling 2,509 sq m or 0.62 acre.

In an exchange filing today, UOA said the purchase consideration, which will be satisfied by cash from internally generated funds, was arrived at on a willing buyer willing seller basis after taking into account the development potential of the land.

"Whilst there is no formal valuation performed on the land, the company is aware of the market value as the land is within close proximity to other parcels of land held by the group," it said.

UOA plans to develop the land, which is then expected to contribute positively to its earnings in the future, but said its gross development value and costs have yet to be ascertained.

At market close today, shares in UOA finished nine sen or 4.54% higher at RM2.07, valuing the group at RM3.82 billion. — theedgemarkets.com

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