Power Root acquires land in Johor Baru

PETALING JAYA: Power Root Bhd is acquiring 116 undeveloped parcels of land in Johor Baru from GreatEarth Development (Molek) Sdn Bhd for RM25mil.

In a filing with Bursa Malaysia, Power Root said the acquisition would provide a better generation of potential returns on the group’s asset class.

It added that the acquisition would also provide an option to expand the group’s revenue base through the potential, eventual disposal or development of the land.

“The board is of the opinion that the proposed acquisition will contribute positively to the Power Root group’s financial performance,” it said.