PETALING JAYA: KPS Consortium Bhd
is acquiring 30 parcels of industrial land housing factories from Nautical Wealth Sdn Bhd for RM45.5mil.
In a filing with Bursa Malaysia, KPS Consortium said its wholly-owned subsidiary KPS Plywood Sdn Bhd has entered into three separate sale and purchase agreements with Nautical Wealth for the land parcels located in Rawang, Selangor.
Notably, Nautical Wealth has been under liquidation since August 2021.
The acquisition is expected to be completed within three months from the execution of the agreements.
KPS Consortium noted that the acquisition is meant for investment purposes and would be funded via cash and 80% bank borrowings.
According to KPS Consortium, existing tenancies may continue.
It added that KPS Plywood could receive an estimated aggregate rental income of RM200,000 per month, with rates varying between units.
KPS Consortium closed 7.44% higher to 65 sen.
