KUALA LUMPUR: Mycron Steel Bhd
’s wholly-owned subsidiary Melewar Steel Tube Sdn Bhd has entered into a conditional sale and purchase agreement with Melewar Industrial Group Bhd to acquire a leasehold industrial land in Shah Alam, Selangor, for RM30 million cash.
In a Bursa Malaysia filing today, the steel manufacturing company said the property is a parcel of industrial land with an industrial building comprising a single-storey detached factory, with a single-storey office annexed and other ancillary buildings.
It said the proposed acquisition is expected to benefit the group by giving it greater flexibility to plan and drive its future operations, while helping it save on rental expenses.
The property’s strategic location would also help prevent disruption to the group’s operations and could offer potential appreciation in property value over time, it said.
It said the acquisition is subject to approval by its shareholders at the company’s forthcoming extraordinary general meeting, among other conditions.
"Barring any unforeseen circumstances and subject to all approvals being obtained, the proposed acquisition is expected to be completed in the fourth quarter of 2026,” it said.
Kenanga Investment Bank Bhd has been appointed as the principal adviser for the proposed acquisition.- Bernama
