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Wednesday, October 13, 2010

LBI to buy land in Pahang for RM5.5m

Triple Equity Sdn Bhd (TESB), a wholly-owned subsidiary of LBI Capital Bhd, has signed a conditional sale and purchase agreement (SPA) with Space Passage Sdn Bhd (SPSB) for 2.16-hectare leasehold land in Pahang for RM5.5 million.

In a filing with Bursa Malaysia, LBI Capital said the purchase consideration would be satisfied by way of cash from internal funds and banks borrowings.

It said TESB, a property development company, planned to develop the land, located near Gohtong Jaya, Genting Highland, into a resort and hotel suites.

LBI Capital said the acquisition would increase the development land of the group and contribute higher earning in the future.

By Bernama

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