UMS-Neiken unit to acquire leasehold land for RM2.03m

KUALA LUMPUR: UMS-Neiken Group Bhd's wholly-owned subsidiary UMS-Neiken (M) Sdn Bhd (UMSN) is acquiring leasehold vacant land in Selangor from Federal Poultry Industries Company Sdn Bhd for RM2.036 million.

In a filing to Bursa Malaysia on Monday, Aug 1, UMS-Neiken said the company intended to construct a new warehouse on the land measuring approximately 92,558.49 sq ft for use by the company and/or other subsidiaries.

UMSN is principally engaged in the marketing and trading of electrical products and accessories.

The acquisition will be satisfied entirely in cash, which will be financed through internally generated funds and/or external bank borrowings.

The exercise is expected to be completed by the first quarter of next year. — Bernama

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