KUALA LUMPUR, Jan 22 (Bernama) -- Leader Steel Holdings Bhd’s (LSH) wholly-owned sub-subsidiary, Ferronet Asia Sdn Bhd is acquiring a piece of land measuring 3.48 million square feet in Klang, Selangor for RM30.67 million in cash.
In a filing to Bursa Malaysia, LSH said the proposed acquisition was in line with the company’s strategy to expand its plant and office operations to cater to business expansion.
“The intention of the Group is to expand its manufacturing cum warehouse facility to accommodate future expansion of business activities in the central region.
“It will enable the company to capitalise on its new centralised location to seek opportunities in other and new domestic markets operating in the central and southern regions of Peninsular Malaysia, as well as regional export market,” it said.
LSH said the proposed acquisition will not have any material effect on the net assets, gearing and earnings of the group for the financial year ended Dec 31, 2019.
TAGS: Leader Steel, LSH, Ferronet Asia Sdn Bhd, proposed acquisition, expansion