Minho buys land for RM3.65mil for warehouse

KUALA LUMPUR: Minho (M) Bhd is buying a freehold land measuring 1.741 hectares in Jeram, Kuala Selangor for RM3.65mil.

In a filing with Bursa Malaysia, Minho said its wholly owned subsidiary, Victory Enterprise Sdn Bhd (VESB) had entered into a sales and purchase agreement (SPA) with Khoo Beng.

Minho said the purchase consideration was arrived at on a “willing buyer willing seller” basis. At the date of this announcement, no valuation was carried out on the land.

The purchase consideration will be satisfied entirely in cash which will be funded by internally generated funds and bank borrowings, it said.

“The land is located in an industrial zoning area. VESB plans to construct a covered warehouse to store their sawn timber and also for rental to others,” Minho said.