KUALA LUMPUR (July 20): Ornapaper Bhd’s (Orna) wholly-owned subsidiary Ornapaper Industry (M) Sdn Bhd has entered into sales and purchase agreements with Faithview Group Development Sdn Bhd for the proposed acquisition of two leasehold vacant lots worth RM30.75 million.

Both land parcels in Mukim Krubong, Melaka are for a purchase consideration of RM18.52 million and RM12.23 million, respectively.

In a filing with Bursa Malaysia, the company said the proposed acquisition represents an opportunity for Orna group to build up its landbank at a reasonable price for long-term investment purposes.

It enables the group to make strategic plans and decisions to improve its future prospects, it said.

Barring any unforeseen circumstances, it expects the proposed acquisition to be completed by the second quarter of 2024.