KUALA LUMPUR (Oct 19): Timber manufacturer Minho (M) Bhd said it is acquiring a 7.84-hectare piece of freehold land in an industrial area in Kuala Selangor for RM18.41 million.

The group plans to construct factories and covered warehouses on the land as part of its long-term plan to relocate some of its operations and existing tenants from its current location on Jalan Kapar.

In a filing with Bursa Malaysia, Minho said its wholly-owned subsidiary Syarikat Minho Kilning Sdn Bhd is buying the land from Kheng Joo Realty Sdn Bhd and Kin Seng Properties Sdn Bhd.

The purchase consideration will be satisfied entirely by cash, which will be funded by internally-generated funds and bank borrowings, said Minho.

At market close, Minho shares were unchanged at 29.5 sen giving the group a market capitalisation of RM103.48 million.