Share
KUALA LUMPUR (July 31): Leon Fuat Bhd is acquiring a leasehold industrial land in Port Klang for RM20.43 million to expand its welded steel pipe manufacturing activities.
The 27,108 sq m-land is located less than 500 metres from the group’s existing welded steel pipe manufacturing plant in Kawasan Perusahaan Bandar Suleiman, the steel specialist said in a bourse filing yesterday.
“The proposed acquisition is timely to facilitate the future expansion of the group’s manufacturing capacity,” said Leon Fuat.
The land, currently owned by Irama Utama Sdn Bhd, will be used as additional storage space for steel pipe finished products, the group said.
Leon Fuat said the prospects of the land is good, as it is almost square in shape, situated within a strategic industrial zone with ready basic infrastructures.
The group intends to fund the purchase, which is expected to be completed in the fourth quarter, via internally-generated funds and borrowings.
Leon Fuat’s share price closed one sen or 1.09% higher at 92.5 sen yesterday, valuing the group at RM312.01 million.
Get the latest news @ www.EdgeProp.my
Subscribe to our Telegram channel for the latest stories and updates
TOP PICKS BY EDGEPROP
CIMB Hub (Formerly known as Kenanga International)
KL City Centre, Kuala Lumpur
CIMB Hub (Formerly known as Kenanga International)
KL City Centre, Kuala Lumpur
Taman Taming Indah 2
Bandar Sungai Long, Selangor
Setia Musika
Setia Alam/Alam Nusantara, Selangor
Setia Damai
Setia Alam/Alam Nusantara, Selangor
Taman Sri Pelabuhan @ Klang
Port Klang, Selangor
Jalan Sungai Rambai , Bukit Mertajam
Bukit Mertajam, Penang
