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- The purchase is “purely for investment purposes”, the metal building material maker said.
KUALA LUMPUR (April 21): Metal building material maker Astino Bhd (KL:ASTINO) is to acquire an 85,615.29-sq-m (21.16-acre) land in Seberang Perai Selatan, Penang, for RM30.41 million.
Astino’s wholly-owned unit Astino (M) Colour Steel Sheets Sdn Bhd inked a sale and purchase agreement with various vendors for the deal, according to the company’s bourse filing on Monday.
Vendors listed comprised Ching Swee Peng, Hang Chai Chuan, Hang Jia and Goey Shiow Teng — who is the trustee for Hang Zhe and Hang Xhe.
The purchase is “purely for investment purposes”, the metal building material maker said.
It noted that the purchase consideration is to be funded via internally generated funds. As at end-January 2025, Astino’s cash and cash equivalents stood at RM92.15 million, while total borrowings were RM22.26 million.
Among the deal’s conditions precedent, the company noted it is subject to the vendors obtaining a court order for the sale “for the 2/12 undivided share held in trust for Hang Zhe and Hang Xhe”.
The land purchase is expected to be completed within three months of the court order being obtained, according to Astino.
Shares in Astino ended half a sen or 0.94% lower at 52.5 sen on Monday, valuing the company at RM259.04 million.
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