KUALA LUMPUR: PLB-KH Bina Sdn Bhd, a wholly-owned subsidiary of PLB Engineering Bhd, has entered into a sale and purchase agreement with Datuk Ong Cho Hoon to acquire four parcels of agricultural lands in Penang for a total cash consideration of RM3.78 million.

In a filing to the exchange on Dec 29, PLB Engineering said the acquisition was for the storage of construction material and plant equipment as well as to increase PLB Group’s land bank to cater for future development

The acquisition is proposed to be funded by internally generated funds, PLB Engineering said. The acquisition is expected to be completed within three months from the date of the agreement.