Kossan unit buys land for RM82.42mil

Glove power: Shares of rubber glove manufacturers have been on an uptrend since the beginning of the year on the back of a continuous strong US$.

PETALING JAYA: Kossan Rubber Industries Bhd’s subsidiary has completed its acquisition of two pieces of land totalling 824.11 acres for RM82.42mil cash, or RM2.30 per sq ft (psf), excluding the goods and services tax.

The group’s last purchase of industrial land was at RM22.50 psf. No valuation was carried out as the purchase was from a state development corporation.