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Thursday, January 24, 2008

Glomac projects value to hit RM1bil

KUALA LUMPUR: Glomac Bhd said the proposed acquisition of freehold land in Sepang, Selangor will increase the value of its development projects to RM1bil in the financial year ending April.

It will also bring the group's total number of projects to 14.

Glomac, via a wholly owned subsidiary, had last Friday signed a sale and purchase agreement with Cyberview Sdn Bhd and Setia Haruman Sdn Bhd to acquire 3.2894ha freehold land for RM21.244mil.

The acquisition would be financed through a combination of internally generated funds and bank borrowings, the company said in a statement.

By Bernama

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