Keck Seng signs deal with Pasir Gudang council to facilitate future development

KUALA LUMPUR (Oct 20): Keck Seng (Malaysia) Bhd (KSM) said it is allocating 20 acres of its land to the Pasir Gudang City Council (MBPG) to facilitate the development of a new administrative centre in the city.

The allocation was made under an agreement signed by the group and its 99.8%-owned subsidiary, Lim & Lim Plantations Bhd, on Thursday (Oct 20), KSM said in a filing with Bursa Malaysia.

“The allocation of the green reserve land to MBPG is a fulfilment to Lim & Lim estate’s future development and it is in the best interest of KSM group, as it will be beneficial for future commercial and industrial development for KSM group in Pasir Gudang City, Johor Bahru District,” the company said in the filing.

Besides Lim & Lim’s estate, Tanjong Puteri Resort — which was developed by the group — is also located in Pasir Gudang.

KSM said the development is expected to be completed within three years, with all costs and expenses to be borne by MBPG.

Shares of KSM settled 0.59% or two sen higher at RM3.42 on Thursday, giving the group a market capitalisation of RM1.24 billion.