PETALING JAYA: Ornapaper Bhd
is proposing to acquire two pieces of leasehold vacant lands with a building project under development from Fairway Review Sdn Bhd for RM7.2mil.
In a filing with Bursa Malaysia, Ornapaper said its wholly-owned subsidiary, Ornapaper Industry (M) Sdn Bhd has entered into a sale and purchase agreement for land and building with Fairway.
Measuring 20,259 sq ft collectively, the two leasehold lands, located in Melaka, will expire on Oct 17, 2123.
Ornapaper also stated that Fairway is currently constructing a four-storey worker hostel building and one guard house on the lands.
Ornapaper said the proposed acquisition is for the purpose of providing accommodation for its foreign workers.
Expected to be completed by the third quarter of 2026, the proposed acquisition will be funded via a combination of internal funds and bank borrowings.
Ornapaper said the proposed acquisition is not expected to have any material effect on its earnings and earnings per share for the financial year ending Dec 31, 2025.
