Radium unit to acquire Selangor land for RM45mil

KUALA LUMPUR: Radium Development Bhd's wholly-owned subsidiary Mayang Sepakat Sdn Bhd has inked a deal with Ampang Jaya City Council to acquire a 2.56-acre tract of leasehold land in Ulu Langat, Selangor, for RM45mil.

The group said in a stock exchange filing the proposed acquisition is an opportunity for it to accumulate strategic land for property development.

"The Land is situated in a strategic location where the necessary infrastructures are readily available.

"The Board of Directors believes that the Proposed Acquisition will contribute positively to the future earnings of Radium Group," it said.

Radium said the acquisition will be funded through a combination of internally generated funds and bank borrowings.