KUALA LUMPUR: BWYS Group Bhd’s wholly owned subsidiary BW Scaffold Industries Sdn Bhd has entered into a sale and purchase agreement with Compass IP Sdn Bhd to acquire a parcel of freehold industrial land in Kuala Langat, Selangor, for a cash consideration of RM94.48 million.
In a filing with Bursa Malaysia today, the steel manufacturer said the acquisition aims to support BWSI’s future operational expansion.
"The group intends to construct a new factory comprising factory buildings, warehouses and centralised labour quarters, and is expected to increase the operational capacity of the group.
"The construction of the new factory is estimated to commence in the second quarter of 2026,” it said.
BWYS said the acquisition will be funded through the proceeds from the proposed disposal of another property and bank borrowings.
"The board is of the view that the proposed land acquisition will contribute positively to the financial and operational growth of the group in the future,” it said.
The group said the acquisition is subject to approvals from the shareholders of BWYS at a forthcoming extraordinary general meeting and from relevant authorities or parties.
"Barring any unforeseen circumstances and subject to the relevant approvals being obtained, the proposed land acquisition is expected to be completed in the first quarter of 2026,” it added. - Bernama
