KUALA LUMPUR (Dec 18): LKL International Bhd is buying two pieces of freehold industrial land in Seri Kembangan for RM12 million or RM556 per sq ft.  

The land parcels, measuring a combined built up area of 21,600 sq ft or 0.49 acres, also come with two units of three-storey semi-detached factory erected on them, the group said in a bourse filing. 

LKL said the acquisition is in line with the group’s growth strategy to expand its manufacturing plants to facilitate greater automation, increase storage area, allow the group to expand more aggressively and take up more job orders.

The group’s wholly-owned subsidiary LKL Advance Metaltech Sdn Bhd  inked the sale and purchase agreement yesterday for the acquisition of the land from Positive Frontier Sdn Bhd, a private limited company engaged in property investment and development. It is wholly-owned by SE Commerce Sdn Bhd.

LKL said the acquisition will be funded via the proceeds it raised from the private placement announced on July 17, which raised a total of RM45.45 million.

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