KUALA LUMPUR: MUI Properties Bhd
(MUIP) has proposed to acquire eight parcels of freehold land in Mukim Ijok, Kuala Selangor, for approximately RM605mil in cash as part of its plan to expand its development landbank.
In a Nov 27 filing with Bursa Malaysia, the group said its indirect 60%-owned subsidiary, MUI Industrial Estates Sdn Bhd, signed a conditional sale and purchase agreement (SPA) to purchase the 730.99-acre site from 13 assenting landowners. Six remaining landowners have not agreed to the sale.
MUIP said the lands comprise eight contiguous tracts located next to the Kuala Lumpur–Kuala Selangor Expressway (LATAR Expressway) and the West Coast Expressway (WCE), offering strong connectivity to the Klang Valley. The area is also expected to benefit from the upcoming East Coast Rail Link (ECRL) station in Puncak Alam.
MUIP said the parcels—seven zoned for industrial use and one earmarked as road reserve—are positioned near several emerging industrial hubs, including Eco Business Park V, Nouvelle Industrial Park, Green Industrial Park and Sunsuria Keroja Business Park.
MUIP said the purchase consideration is expected to be funded through a combination of internal funds and bank borrowings.
As at Oct 31, 2025, MUIP Group had cash and bank balances of RM269.27mil. Management currently estimates that 25% of the consideration, or about RM151.25mil, will be financed through internal funds, with the remaining 75%, or RM453.75mil, to be funded via borrowings.
The final funding mix will be determined closer to completion, taking into account the group’s liquidity position, working capital needs, interest rate conditions and the availability and cost of banking facilities.
“The proposed acquisition forms part of the group’s ongoing efforts to expand its property development business by acquiring additional land banks at strategic locations with growth potential for future development.”
Separately, for the first quarter ended Sept 30, MUIP posted a net profit of RM108.6mil compared with a net loss of RM11.8mil in the same period last year.
Quarterly revenue surged to RM367.1mil from RM34.7mil, while earnings per share came in at 14.66 sen versus a loss per share of 1.59 sen previously.
