Gadang unit to acquire land in Semenyih for RM95.8mil

  • Property
  • Wednesday, 8 Apr 2015

KUALA LUMPUR: Gadang Holdings Bhd 's indirect wholly-owned subsidiary, Crimson Villa Sdn Bhd, is seeking shareholders approval to purchase land, worth RM95.8mil, in Semenyih, Ulu Langat, from Sementar Properties Sdn Bhd. 

The company will hold an extraordinary general meeting on April 23 to obtain approval to buy 25.430 hectares of land which would to be satisfied via cash.

With the proposed acquisition, Gadang's land bank would not only be expanded further but also complement its strategy to expand revenue and earnings contribution from its property development segment.

In a circular to shareholders, it said the acquisition would further increase its presence in the Klang Valley property market.

"The acquisition will be funded via internally-generated funds and bank borrowings, however we have yet to finalise the final composition of the funding stage," it added. - Bernama