Signature sells land to Selangor government for highway construction

KUALA LUMPUR (March 3): Kitchen and wardrobe designer and retailer Signature International Bhd (SIB) has accepted an award of RM79.95 million from the Selangor government for its land that is being acquired to build a highway.

In a bourse filing, SIB said it has received a notification for the compulsory acquisition of the land, measuring 1.35ha, in Sungai Buloh, Petaling district.

On Feb 23, SIB informed the local exchange that the land administrator had offered its wholly-owned unit Signature Cabinet Sdn Bhd (SCSB) an award of RM78.16 million for the land.

According to SIB, SCSB’s warehouse facilities, catering to glass and aluminium fabrication work, would be affected by the acquisition, which is targeted to commence in the final quarter of 2016.

SIB’s share price fell two sen or 1.12% yesterday to close at RM1.77, with a market capitalisation of RM210.5 million.

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This article first appeared in The Edge Financial Daily, on March 3, 2016. Subscribe to The Edge Financial Daily here.