PETALING JAYA: Luxchem Corp Bhd
is acquiring three pieces of freehold industrial land measuring 24,206 sq metres in Bandar Bukit Raja Industrial Park, Selangor, from Sime Darby Property (Bukit Raja) Sdn Bhd for RM40.55mil.
In a filing with Bursa Malaysia, the plastics material and resin manufacturing company said the proposed acquisition is in line with the group’s capital optimisation strategy and prudent cash management approach.
“With surplus cash reserves, the group aims to enhance returns by investing in real estate assets with development potential,” it said.
Rather than maintaining idle funds in fixed deposits with modest yields, Luxchem plans to acquire the land parcels and collaborate with a property developer to unlock higher investment returns through future developments.
Its board remains optimistic of the prospects for the land plots, and will carefully deliberate on potential development plans to maximise profit generation.
