In a filing with Bursa Malaysia, the company said its subsidiary had entered into the sale and purchase agreement with Danaharta Urus Sdn Bhd for the acquisition.
It said the 405,108-sq-ft property’s existing use was for light industrial and was currently a vacant lot.
“The proposed future use would be for industrial and commercial development,” it said.
Mitrajaya Holdings said the acquisition would be satisfied fully in cash, to be financed by internal funds and borrowings.
“The acquisition will increase the group’s land bank for future development and it is estimated to be completed by the first quarter of 2010,” it added.
By The Star
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