PETALING JAYA: Astino Bhd
is acquiring a 85,615 sq metre piece of land in Seberang Perai Selatan, Penang, for RM30.41mil.
In a filing with Bursa Malaysia, the metal building material maker said its wholly-owned unit Astino (M) Colour Steel Sheets Sdn Bhd had inked a sale and purchase agreement with various vendors for the deal.
The vendors listed were Ching Swee Peng, Hang Chai Chuan, Hang Jia and Goey Shiow Teng — who is the trustee for Hang Zhe and Hang Xhe.
“In the course of due diligence, the company performed a verbal cross-referencing and property web-page search on the value of freehold vacant land at the vicinity of Seberang Perai Selatan, Penang, before entering into negotiation for the acquisition.”
Astino said the acquisition is purely for investment purposes.
“The acquisition is not expected to result in any material gain or loss on the company’s earnings,” it said.
