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Eksons Corp acquires 30ha in Setapak

KUALA LUMPUR: Timber and property development company Eksons Corp Bhd has acquired 37 pieces of land totalling approximately 30ha for RM22.3 million, boosting its landbank for future development.

In a filing with Bursa Malaysia on Wednesday, Aug 17, Eksons said it acquired the land from Azam Hartamas Sdn Bhd through Oval Rock Sdn Bhd, a wholly-owned subsidiary of Vibrant Hub Sdn Bhd which is in turn a 60%-owned subsidiary of Eksons.

The parcels of land, situated at Batu 9 Jalan Gombak, Setapak, were owned by various owners. Back of the envelope calculations by The Edge Financial Daily suggest the land was acquired for a relatively low price of RM7 per sq ft.

"The acquisition is expected to be funded by 40% internally generated funds and 60% bank borrowings," said the company, adding the terms of transaction were agreed on Aug 17 and the acquisition will be completed in 15 months.

Eksons' first property development project is The Atmosphere in Seri Kembangan.

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