Encorp to buy land in Johor

PETALING JAYA: A wholly owned unit of Encorp Bhd has entered into an agreement to acquire a parcel of freehold land in Johor Baru from UEM Land Bhd for RM25.89mil.

Encorp plans to develop the 13,362 sq m of land into a commercial and residential project with a gross development value of RM330mil over a period of five years, the company told Bursa Malaysia yesterday.

In a separate statement, F&N said it will derive a gain of RM21.98mil after deducting all fees, costs and expenses related to the proposed disposal.

By The Star