Eupe Corp to acquire freehold tract in Kedah for RM40mil


KUALA LUMPUR: Eupe Corp Bhd's sub-unit Eupe Land Development Sdn Bhd has signed a sales and purchase agreement for a parcel of vacant freehold land in Bandar Amanjaya in Kuala Muda, Kedah, for RM40mil cash.

In a bourse filing, the group said the 54.73-acre tract was acquired from Sing Ta Nian Development Sdn Bhd, which has also signed on to be its joint venture partner in developing the land into a mixed-used development.

According to Eupe, the proposed acquisition is a strategic opportunity to expand its landbank and presence in the Northern region as well as in sustaining a healthy level of property projects in its pipeline.

"The proposed development on the First Batch Parcel or any further part of the Land pursuant to the JV Arrangement is expected to contribute positively to the Group’s future revenue stream and profitability.

"Based on the aforesaid, the Board is of the view that the proposed acquisition and the JV Arrangement provide an excellent and timely opportunity for the efficient deployment of the group’s existing financial resources in order to achieve a better return for its shareholders in the long run," it added.

In a separate filing with Bursa Malaysia, Eupe said its third quarter net profit for the financial period ended Nov 30, 2021 came to RM8.43mil, which was sharp decline from RM15.11mil in the previous corresponding quarter.

Revenue for the three-month period was RM58.6mil, a 27.43% drop from the same quarter in 2020.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Eupe Corp , Sing Ta Nian , property

   

Next In Business News

Signature to acquire 23.67% stake in Fiamma for RM180mil
SunREIT net property income jumps 77.4% to RM118.92mil
Jentayu enters JV for RM78mil GDV condo project
Bursa Malaysia ends higher for third straight day
Aeon Co. posts jump in 1Q net profit to RM28.07mil
Malaysia Smelting Corp's 1Q net profit jumps to RM64.34mil
KPFB, SIAB ink MoU for JV project with GDV of RM389mil
LBS Bina records net profit of RM30.16mil in 1Q
Petronas Chemicals to acquire speciality chemicals firm Perstorp for RM10.5bil
Al Gore's Generation Investment launches US$1.7bil fund

Others Also Read