Industrial property builder Klanggroup Holdings Sdn Bhd is selling two lots of freehold vacant land measuring 27.5 hectares (ha) in Klang, Selangor for RM103.55 million.
The company is selling the land to Main Market-listed Can-One Bhd (COB).
The two lots form part of the freehold agricultural land measuring a total of 159.9ha owned by Klanggroup.
Klanggroup's 51-per cent-owned subsidiary Golden Valley Industries Sdn Bhd (GVI) and COB's indirect wholly-owned subsidiary, Bintang Seribu Sdn Bhd (BSSB) had on July 13, 2020, entered into two sales and purchase agreements to acquire from GVI the two plots of land located at Jalan Akob, Kapar in Klang.
The purchase price was agreed between the parties at a rate of RM35.00 per square foot, after taking into consideration the market value of the said lots.
The market value was based on the comparison method which entails comparing the said lots with other similar lands that were either transacted recently or listed for sale within the same location or other comparable localities.
In a filing with Bursa Malaysia, COB said that BSSB is buying the two lots to establish a new manufacturing hub and warehousing facility for the group.
COB said the group intends to relocate some of its operations in Klang Valley and consolidate them in one location to improve future operating efficiency.
BSSB, incorporated in 1978 is involved in the leasing of factory buildings while GVI's principal activities are property development, construction and general trading.