Latitude Tree to acquire land in Klang

PETALING JAYA: RKT, a wholly owned subsidiary of Latitude Tree Holdings Bhd, had entered into a Sale and Purchase Agreement with Pelan Teknik Sdn Bhd (PT) on Jan 27 for the acquisition of a piece of freehold industrial land in Klang together with a 1-storey warehouse, a 3-storey office block and 1-storey factory for a cash consideration of RM10 million.

In a filing to Bursa Malaysia, Latitude Tree said the property is presently tenanted to Latitude Tree Furniture Sdn Bhd (LTF), a wholly-owned subsidiary of the company.

The group added that it has been renting the property, which is adjacent to Latitude Tree’s existing factory, for the past 10 years. The property is used for part of Latitude Tree’s operations.

“The acquisition will ensure Latitude Tree Group is able to continue to have the use of the Property for its operations,” the group said.

The Purchase Consideration shall be satisfied entirely by cash via bank borrowings and internally generated funds, approximately 60% and 40% respectively, it said.

The Acquisition is expected to be completed within six months from the date of the Agreement.