KUALA LUMPUR (April 23): Leader Steel Holdings Bhd has bought a piece of vacant 3.79-hectare industrial land in Kuching, Sarawak, for RM9.8 million to expand its plant and office as well as consolidate all operations in East Malaysia at one location.

The steel product manufacturer said the land at Sejingkat Industrial Park is adjacent to its existing branch in Kuching.

The landowner, Sumbumi Sdn Bhd, will be paid through internally-generated funds and bank borrowings, Leader Steel said in a filing with Bursa Malaysia today.

The company said its board of directors believe the purchase would contribute positively to the business operations and future earnings.

Leader Steel manufactures, processes and trades steel and metal products, and trades and processes minerals.