According to AME Elite, the proposed acquisition, which is expected to be completed by the third quarter of this year, presents a strategic investment opportunity to increase its land bank.
In a note on Friday, the research house said AME missed its earlier set property sales target of RM350 million (actual: RM284 million) in FY2024 due to timing of conversion, instead of the demand factor.
The land was sold to Digital Hyperspace Malaysia Sdn Bhd (DHM) at a record RM138 per sq ft, marking AME Elite's first deal in the data centre segment.
The lands are all located in I-TechValley within Phase 3 of the Southern Industrial and Logistics Clusters (SILC) in Iskandar Puteri.
Shares of AME Elite were last traded at RM1.
PAM president Abu Zarim Abu Bakar: Urban regeneration and renewal are pivotal for ensuring the enduring viability and liveability of our cities.
On Wednesday, the steel structure fabrication company announced that it has secured four new contracts in Saudi Arabia, the United Arab Emirates and India.
In a note on Thursday, the research house said AME Elite's stronger earnings were driven by higher contributions from its property development, engineering, and property investment segments.
Radium Development also maintained a gross gearing ratio of 0.
SinggahKL 2024, which will take place on March 2 and 3 this year, has received 621 registrations to date.
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