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Gromutual buys land in Johor from Senai Airport City for RM21m

KUALA LUMPUR (Nov 2): Property developer Gromutual Bhd is buying land in Johor from Senai Airport City Sdn Bhd, a member of the MMC Group, for RM21.33 million.

The acquisition of the 9.79-acre land is to further expand Gromutual’s business in the development of ready built industrial facilities (RBF) for sale or lease to the supply chain of multinational companies operating in Senai Airport City’s Free Zone and Non Free Zone, the group said.

“Leveraging Senai Airport City’s recent traction of numerous investments from notable foreign direct investments and domestic direct investments, Gromutual’s expertise in RBF will complement and support Senai Airport City’s ecosystem,” it added in a filing with Bursa Malaysia.

The acquisition will be funded from internally-generated funds and bank borrowings to be decided by the executive directors at a later stage.

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