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AZRB buys industrial land in Hulu Selangor from MTD Group for RM41m

KUALA LUMPUR (Jan 17): Ahmad Zaki Resources Bhd (AZRB) has proposed to acquire a piece of freehold industrial land and a factory in Ulu Selangor from MTD Group's units for RM41 million cash.

In a Bursa Malaysia filing on Friday (Jan 14), the construction group said the proposed acquisition will provide AZRB with the opportunity to utilise the industrial land to further expand its in-house production of precast concrete components as well as to serve as a store or depot for the group.

"The site also has good business potential due to its strategic location, accessibility and connectivity from Kuala Lumpur City Centre via Lebuhraya Utara Selatan exiting at the Rawang Interchange.

"The developments within the immediate vicinity comprise established manufacturing and engineering companies, industrial parks, commercials, housing schemes, educational institutions, public amenities and transportation.

"The proposed acquisition will be funded via a mix of internally generated funds and bank borrowings, the gearing of AZRB will increase," it said.

AZRB added the proposed acquisition is expected to be completed in the first half of the year.

Shares in AZRB closed unchanged at 22.5 sen on Friday, giving it a market capitalisation of RM134.53 million.

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