PETALING JAYA: Lion Industries Corp Bhd (LICB) has proposed to purchase 80 acres of leasehold agriculture land in Sepang, Selangor, for RM23mil cash.
In a submitting with Bursa Malaysia, LICB stated its wholly owned subsidiary LLB Bina Sdn Bhd has entered right into a novation settlement with Grandprop Sdn Bhd and Premier Land Resources Sdn Bhd for the acquisition of the sub-divided land.
The sub-divided land is positioned about 10 km away from KL International Airport.
“The proposed acquisition provides a strategic investment opportunity and is in line with the LICB Group’s plan to expand its landbank for its property division wherein LLB Bina will own 80 acres of land upon the completion of the novation agreement and SPA,” it stated.
LICB stated LLB Bina has plans to convert the utilization of the land from the prevailing “agricultural land” to “combined improvement/industrial improvement”.
“This is anticipated to present the LICB group a chance to create potential financial worth and contribute to its earnings in the close to future when the land is developed into combined and industrial park improvement.