AME Elite buys two Senai plots from IOI Properties unit for RM101.18 mil

KUALA LUMPUR (March 9): Construction and property player AME Elite Consortium Bhd (KL:AME) is acquiring two parcels of freehold land measuring a total of 31.82 acres in Senai, Johor, for RM101.18 million, cash, from Nice Frontier Sdn Bhd (NFSB).

In a filing with Bursa Malaysia on Friday, the company said the acquisitions will be undertaken via two separate conditional sale and purchase agreements.

Under the first agreement, AME’s wholly owned unit Twin Sunrich Sdn Bhd will acquire the first parcel of land for RM41.32 million. The second agreement will see another wholly owned subsidiary, Golden Symphony Sdn Bhd, acquire the second parcel for RM59.87 million.

NFSB is an indirect 99.9%-owned subsidiary of IOI Properties Group Bhd (KL:IOIPG).

AME said the proposed acquisitions represent a strategic opportunity to expand the group’s land bank, adding that it plans to develop the parcels into an industrial cluster.

However, the group said it is too early at this stage to determine details of the development, including the project’s commencement and completion timelines, gross development value, development costs, expected profits, or funding sources.

The company is also in preliminary discussions with several landowners within and outside Johor to explore potential development opportunities.

AME plans to fund the acquisitions through internal funds. As at end-December 2025, the group’s cash and cash equivalents stood at RM888.31 million.

AME expects the acquisitions to be completed by the first half of 2027.

Shares in AME rose one sen or 0.7% to close at RM1.53 on Friday, giving the group a market capitalisation of RM980.2 million.

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