KUALA LUMPUR: Tek Seng Holdings Bhd
’s wholly-owned subsidiary, Wangsaga Industries Sdn Bhd (WISB) has entered into two separate sale and purchase agreements (SPA) to buy three parcels of freehold land in Penang for a total cash consideration of RM33.96 million.
In a filing with Bursa Malaysia today, the polyvinyl chloride (PVC) sheeting manufacturer said WISB has inked a SPA with Bagan Specialist Centre Sdn Bhd to acquire a parcel of land in Seberang Prai Tengah for RM26.98 million.
Tek Seng added that the second agreement is with Tan Chong Siang Sdn Bhd for the acquisition of two parcels of land in Seberang Perai Tengah for RM6.98 million.
"The purchase consideration will be satisfied by internally generated funds and/or bank borrowings,” Tek Seng said.
It added that the transaction was in line with the company’s strategy of acquiring land banks at locations near its existing factories for investment and/or future expansion of the group. - Bernama
