PLB acquires land in Penang for RM38m

KUALA LUMPUR: PLB Engineering Bhd has successfully tendered for 19.86 ha (49.08 acres) of land in the southwest district of Penang island for RM38 million cash as it seeks to expand its land bank.

PLB said on Monday, April 5 its unit PLB Land Sdn Bhd had signed a memorandum with the High Court of Malaya, Penang on March 31 pursuant to the successful bid to acquire the land in the court sanctioned public auction.

It said there was one charge created by CIMB Bank Berhad endorsed on  Aug 28, 2002 and two private caveats endorsed on the property by Istibakti Sdn Bhd on April 27, 2005 and Syarikat Perumahan Negara Bhd on July 8, 2008. No valuation has been conducted on the property.

"The acquisition is proposed to be funded partly by internally generated funds and partly by financing," it said.

PLB said the rationale for the acquisition was to replenish PLB group’s land bank and was in line with the group’s objective to increase its land bank at strategic locations for future development.