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Oriental Interest to buy land in Klang for RM64m

KUALA LUMPUR (Feb 9): Oriental Interest Bhd (OIB) is eyeing to acquire a piece of land measuring 59,745 sq metres in Klang for RM64.31 million.

The group said the acquisition of the freehold land from Gabungan Efektif Sdn Bhd would complement its existing development around the Klang Valley.

“The proposed acquisition is also in line with the group’s overall plan to increase its land bank in strategic areas (where the group can leverage on its extensive experience in building mixed-use developments), given the opportunities available in the current market condition,” the group said in a filing with Bursa Malaysia.

OIB said the purchase consideration will be satisfied by internally-generated funds or bank borrowings.

“The proposed acquisition is not expected to have any material effect on the earnings and earnings per share of OIB for the financial year ending Aug 31,2021,” it added.

OIB’s share price closed six sen or 2.07% lower at RM2.84 today, giving the group a market capitalisation of RM439.8 million.

 

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