KUALA LUMPUR (Feb 12): Johore Tin Bhd said its wholly-owned unit Able Dairies Sdn Bhd has proposed to acquire a piece of land measuring 29.03 acres in Kapar, Perak for RM44.26 million.

The land is owned by Golden Valley Industries Sdn Bhd.

In a bourse filing yesterday, Johore Tin said Able Dairies has received from Golden Valley, a letter of intent for sale of the freehold land.

“Able Dairies will enter into a sale and purchase Agreement, one month from the date of the Letter of Intent of Golden Valley, upon confirmation of the terms and conditions.

“Further development on the proposed acquisition will be announced in due course, when the sale and purchase agreement is signed,” Johore Tin said.

Shares of Johore Tin closed one sen or 0.56% lower at RM1.79 yesterday, giving it a market capitalisation of RM555.74 million.