KUALA LUMPUR: OSK Holdings Bhd
's indirect 99.93% subsidiary has inked a deal to acquire five tracts of land measuring about 133.76ha in Kuala Muda, Kedah, from Central Kedah Properties Sdn Bhd for RM72mil.
OSK said in a filing with Bursa Malaysia, the land acquisition forms a critical component of its long-term business strategy as it will enhance its landbank for future development projects.
"The lands would enable the Group to undertake development activities, meeting the growing demand for residential, commercial and mixed-use properties.
"This expansion is aligned with the Group’s goals of increasing market share in the property development sector while reinforcing its reputation as a leader in delivering quality development," it said.
It added that the purchase consideration will be funded via a combination of internally generated funds and bank borrowings.
The acquisition is expected to be completed in the second quarter of 2025.
