Boilermech to buy RM27.31mil land in Klang

KUALA LUMPUR: Boilermech Holdings Bhd is acquiring a 99-year leasehold vacant industrial land in Klang from Logiston Sdn Bhd for RM27.31mil cash.

The land would be jointly purchased by Boilermech and Logiston's major shareholder, Ruby Technique Sdn Bhd.

In a filing to Bursa Malaysia on Tuesday, Boilermech said the acquisition was expected to be funded by internally generated funds and/or bank borrowings.

It said the land was located in a strategic location and would be used to expand boiler production capacity to meet the growing demand for its boilers locally and abroad.