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KUALA LUMPUR: Signature International Bhd
has received an offer of compensation of RM79.95mil for its 13,506-sq m land in Kota Damansara, Petaling Jaya, which is being compulsorily acquired by the Selangor government to build the Damansara-Shah Alam Elevated Expressway (DASH).
In a filing with Bursa Malaysia on Thursday, the kitchen and wardrobe system manufacturer said it had accepted the state government's offer.
DASH, a 20.1km three-lane dual-carriageway, is being built by Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) at the cost of about RM4bil. Work on it started in 2014. Damansara Perdana and Mutiara Damansara residents have expressed concern that the highway’s final phase may affect their homes.
In an earlier announcement, Signature said its main operation was located at Lot 24 of Taman Sains Selangor 1, which houses its head office, kitchen cabinet production plant and flagship showroom.
Lot 2, the affected land, is adjacent to Lot 24. Lot 2 is the site of its warehouse facilities and caters for glass and aluminium fabrication work.
Signature said on Feb 24 that the DASH construction work was targeted to start around the last quarter of 2016.
“The management of the company has contingency plans in place such as relocation of the warehouse to mitigate the adverse impact on the business, financial conditions and operation of the group,” it said.
Signature shares slid 2 sen to close at RM1.77 on Wednesday, with 81,300 shares traded.
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