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Wednesday, May 21, 2008

Boustead Weld Quay buying land for RM90m

BOUSTEAD Holdings Bhd’s wholly-owned unit Boustead Weld Quay Sdn Bhd is buying two pieces of land in Seremban, Negeri Sembilan, for RM90 million from Azrahi Hotels Sdn Bhd.

In a filing to Bursa Malaysia yesterday, it said the acquisition is intended to increase its landbank.

The acquisition is expected to contribute to the long-term future earnings of the group.

Boustead said the acquisition will be financed by bank borrowing and internally generated funds. It is expected to be completed by the first quarter of next year.

By Bernama

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