Aeon buys 8.7ha land in Kota Bharu for RM165 mil

KUALA LUMPUR (April 20): Aeon Co (M) Bhd is acquiring a piece of land measuring 8.691 hectares in Kota Bharu, Kelantan for RM165 million.

Aeon is buying the land from Liziz Standaco Sdn Bhd using internally-generated funds, the group said in a bourse filing.

Liziz Standaco's substantial shareholders are Guok Nguong Peng with a 76.2% stake, Heng Kui Heng (11%) and Koot Wong Seong @ Guok Nguong Siong (10%).

Aeon said the purchase is in line with the group’s corporate strategy of developing its future retail business, and is expected to be completed within five months.

It added that it has to obtain approval from the Kelantan state authority and the Economic Planning Unit of the Prime Minister’s Department.

Aeon’s share price closed unchanged at RM1.25 on Thursday (April 20), giving the group a market capitalisation of RM1.76 billion.