Malakoff's indirect unit acquires land in Klang for RM25mil

 Publish date: Thu, 15 Jul 2021, 8:57 PM

KUALA LUMPUR: Malakoff Corporation Bhd (MCB)'s indirect subsidiary, Alam Flora Environmental Solutions Sdn Bhd (AFES), has proposed to acquire a parcel of leasehold industrial land in Klang, Selangor for RM25 million from The New Straits Times Properties Sdn Bhd (NSTPSB).
In a filing to Bursa Malaysia today, MCB said AFES had entered into a sale and purchase agreement to purchase the land, measuring about 23.37 square metres together with two single-storey detached factory warehouses.
"The property purchase will enable AFES to proceed with the proposed development of a recovery facility as an off-site facility to handle various types of waste and to expand its environmental business segment in line with its strategic plan.
"The management of AFES is of the view that the property is in good condition and is expected to be able to accommodate the requirements of the recovery facility with minimal renovation. The mechanical and electrical system of the property are deemed well maintained and in good condition," MCB said.
NSTPSB is a wholly-owned subsidiary of The New Straits Times Press (Malaysia) Bhd, which in turn is a subsidiary of Media Prima Bhd.
 - Bernama


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