Masterskill to acquire K'tan land for RM31m

KUALA LUMPUR: Masterskill Education Group Bhd is acquiring a piece of leasehold land in Kelantan, along with the buildings atop it, for RM31 million.

In a filing to Bursa Malaysia on Monday, July 19, its unit Masterskill (M) Sdn Bhd had on the same day entered into a sale and purchase agreement with Liziz Standaco Sdn Bhd for the acquisition of three blocks of 34 lots 3-storey shoplots in Seksyen 17, Bandar Kota Bharu in Kelantan.

These parcels have total land area of 5,152 sq m (1.27 acres).

Liziz Standaco, which lists construction and housing development as its main activities, was incorporated in Malaysia in May 2001, with authorised share capital of RM25 million comprising 25 million shares of RM1 each, of which 10,000,000 ordinary shares of RM1 each had been issued and fully paid-up.

The education group said the proposed acquisition shall be funded by way of internal generated funds and/or bank borrowings. At present, it has not obtained any bank borrowings to finance the acquisition.

“The proposed acquisition is in line with the expansion of the group as stated in the prospectus of the company dated April 26, 2010 and to enhance its Kota Bharu’s campus capacity to cater for the increasing number of students. In addition, Masterskill intends to move the existing Kota Bharu campus to the properties upon completion and to dispose off the existing Kota Bharu Campus,” it said.

It added that the new campus would provide a higher capacity to cater for its increasing student population.