KUALA LUMPUR: Notion VTEC Bhd
has proposed to acquire a 4.0443 hectares of vacant freehold agriculture land in Klang, Selangor, for RM29.62mil.
In a filing with Bursa Malaysia, Notion VTec said its wholly-owned subsidiary, Bentong Resources Sdn Bhd entered into a sale and purchase agreement with Ng Soon Hing Dan Anak-Anak Sdn Bhd for the acquisition.
Notion VTec said the proposed acquisition will be funded via a combination of internally generated funds and bank borrowings, of which the exact funding mix has not been ascertained at this juncture.
“As the land is adjacent to our existing extrusion plant, a planned large factory will be built for the expansion needs of the group upon the completion of the proposed acquisition. Any excess land may be developed and/or sold as industrial property in the future,” it said.
Notion VTec’s board believes that the proposed acquisition will augur well for the group’s expansion needs, which in turn enable the group to potentially enhance its income in the long term.
