Oriental Interest Bhd’s (OIB) 70 per cent-subsidiary Myra Land Sdn Bhd has proposed to buy a 2.05-hectare leasehold land in Pekan Baru Subang, Selangor, from Teguh Majuria Sdn Bhd for RM36.35 million cash.

The Kedah-headquartered company said the proposed acquisition was in line with the group’s strategic planning to leverage on its strengths in property development and construction to develop the property complementary to the existing development in the Klang Valley.

“The proposed acquisition is also in line with the group’s overall plan to increase its land bank in favourable areas, where it can leverage on its extensive experience in building mixed-use developments, given the opportunities available in the current market condition,” it said in a filing with Bursa Malaysia.

OIB added the purchase would be satisfied through internally generated funds and/or bank borrowings.

It said the proposed purchase was expected to be completed by end of next year, subject to any extension to be mutually agreed on by the parties in writing. – Bernama

Source: NewStraitsTimes, Bernama/December 21, 2021
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