KUALA LUMPUR: Eonmetall Group Bhd
's wholly-owned subsidiary Eonmetall Land Sdn Bhd has received a notice from the district and land office of Klang invoking compulsory acquisition of about 8,996 sqm of land for RM30.41mil.
In a filing with Bursa Malaysia, Eonmetall said the affected land forms part of a larger 2.88 million sq ft tract of industrial land in Kapar, Klang, which is currently vacant and held for development.
The land was acquired by Eonmetall Land in 2019 for an original investment cost of RM57.18mil.
Eonmetall said the compulsory disposal of the affected land is expected to result in a net gain of RM28.49mil.
The compensation consideration is expected to be used for future business expansion, working capital and repayment of debts, it said.
