Luster to buy land in Ara Damansara for RM35m

KUALA LUMPUR (March 2): Plastic parts and metal parts manufacturer Luster Industries Bhd has proposed to buy a 9,554 sq m freehold land in Ara Damansara from the Sime Darby group for RM35 million.

Luster said the acquisition would enable it to build its land bank in favourable areas, where the group can leverage on its extensive experience in building mixed-use developments.

The property is located within the vicinity of other residential developments such as Puncak Seri Kelana Condominium, Puncak Nusa Kelana Condominium, Amaya Saujana and Nova Saujana, the group said in a bourse filing.

Luster plans to buy the land via its 50.1%-owned subsidiary Luster Ara Sdn Bhd from Sime Darby Brunsfield Damansara Sdn Bhd and Sime Darby Property (Ara Damansara) Sdn Bhd.

The acquisition is expected to be completed in the second quarter or third quarter of 2022, the group said.

Luster's share price closed half a sen or 4% lower at 12 sen, valuing the group at RM347.16 million. The counter saw 6.44 million shares traded.

Edited by S Kanagaraju

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