KUALA LUMPUR (June 15): Dynaciate Group Bhd has proposed to acquire a piece of freehold industrial land measuring 23,550 square metres in Bentong, Pahang from KPower Bhd for RM12 million cash.
In a bourse filing on Tuesday (June 14), Dynaciate said its wholly-owned subsidiary Magnitude Resources Sdn Bhd had entered into a sale and purchase agreement with KPower’s wholly-owned subsidiary Powernet Industries Sdn Bhd for the proposed acquisition.
The acquisition includes a double-storey office building, single-storey factory, double-storey warehouse and a single-storey warehouse.
Dynaciate said the acquisition is complementary to the group’s strategy to identify, invest and develop potential industrial land and buildings for the purposes of capital appreciation and rental income.
“The group is expanding its property portfolio by capitalising on and building on the group’s resources and know-how to develop and construct the industrial buildings to increase the value of the property investments,” it added.
Dynaciate believes the industrial property has the potential to contribute positively to the group’s future earnings.
Shares in Dynaciate closed unchanged at 11.5 sen on Tuesday (June 14), giving the group a market capitalisation of RM112.31 million. KPower shares ended up half a sen or 1.33% at 38 sen, giving it a market capitalisation of RM203.75 million.
Edited by Lee Weng Khuen