PETALING JAYA: KPS Consortium Bhd
is acquiring 30 parcels of industrial land with factories erected on them from Nautical Wealth Sdn Bhd for RM45.5mil.
In a filing with Bursa Malaysia, KPS said its wholly-owned subsidiary KPS Plywood Sdn Bhd has entered into three separate sale and purchase agreements with Nautical Wealth, which is under liquidation since August 2021, for the lands located in Rawang, Selangor.
The acquisition is expected to be completed within three months from the execution of the agreements.
KPS said the acquisition is meant for investment purposes and will be satisfied in cash and proposed 80% bank borrowings.
KPS added the existing tenancies may continue, and that KPS Plywood may receive an estimated aggregate rental income of RM200,000 per month from the let properties, with rental amounts varying between tenancies.
