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Wednesday, April 11, 2012

Seacera buys Ulu Langat land

PETALING JAYA: Seacera Group Bhd via its wholly-owned subsidiary Seacera Properties Sdn Bhd has entered into a sale and purchase agreement with Duta Skyline Sdn Bhd to acquire 138 acres in Ulu Langat for RM78mil.

Seacera will satisfy the purchase by way of cash consideration from bank borrowings of RM13mil and the balance from its internally-generated funds.

“The proposed land acquisition is part of Seacera's strategy to continue acquiring sizeable land banks with good development potential in strategic locations, which will provide an opportunity for the company to expand and strengthen its existing business of property development.

“It is also in line with the company's plan to ensure it would become one of its core businesses,” said the company in its filing with the bourse yesterday.

By The Star

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