KUALA LUMPUR (Oct 28): Maxim Global Bhd, formerly known as Tadmax Resources Bhd, is buying a piece of leasehold land measuring 9,775 sq m in Setapak for RM25.7 million.

In a bourse filing, Maxim said the purchase will enable the group to further supplement its existing landbank at strategic locations with potential growth.

It also said the land buy, its fifth since September 2019, is in line with its aim to further strengthen its foothold in the property development and construction activities, it said, and in generating long-term sustainable income.

Maxim, via its 51%-owned subsidiary Prominent Maxim Sdn Bhd, signed a sale and purchase agreement on Thursday with Anting Holdings Sdn Bhd for the acquisition. The purchase consideration, which it plans to finance using bank borrowings and internal funds, was based on a price per sq ft of RM244.26.

Maxim has three on-going property development projects, namely Ganggarak Permai in Labuan, Residensi Metro Kepong in Kepong and Residensi Majestic Maxim in Cheras, which are expected to be completed between the last quarter of this year and the first quarter of 2023.

Maxim shares rose half a sen or 1.85% to close at 27.5 sen translating into a market capitalisation of RM344.62 million.

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