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Tuesday, May 15, 2012

SP Setia arm buys land for RM186m

SP Setia Bhd's wholly-owned subsidiary, Intra Hillside Sdn Bhd, is acquiring 8.523 hectares of freehold land in the north-east Penang Island district of Timor Laut for RM185.645 million.

In a statement to Bursa Malaysia here today, the property developer said about 10 per cent of the purchase consideration amounting to RM18.564 million and the balance of RM167.081 million will be paid within three months of the sale and purchase agreement.

The proposed acquisition is expected to be completed during the second half of the financial year ending Oct 31, 2012.

The land acquisition would provide a rare opportunity for SP Setia to acquire land and expand its presence in the northern tip of Penang island.

By Bernama

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