Notion VTec to acquire land for RM30mil


PETALING JAYA: Notion VTEC Bhd has entered into a sales and purchase agreement with Ng Soon Hing Dan Anak-Anak Sdn Bhd via its wholly owned subsidiary, Bentong Resources Sdn Bhd, to acquire land for RM29.62mil.

According to a filing with Bursa Malaysia, the agreement involved the acquisition of 4.04ha vacant freehold agriculture land in Kapar, Selangor together with a gas pipeline and other infrastructure.

“As the land is adjacent to our existing extrusion plant, a planned large factory will be built for the expansion needs of the group,” Notion VTec stated, adding that any excess land would be developed or sold as industrial property.

Without disclosing details, it said the proposed acquisition would be funded via internally generated funds and bank borrowings which would be paid within three months after the agreement was signed.

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