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KUALA LUMPUR (Jan 26): Cycle & Carriage Bintang Bhd (CCB) is buying a piece of leasehold land together with a factory building located opposite the Bandar Malaysia project for RM59.8 million.
“The proposed acquisition is to establish a 3S (sales, service and spare parts) Centre in Sungai Besi which forms a strategic part of CCB’s on-going network expansion plans across Malaysia.
“The location is currently an important location for various motor brands and is expected to be further enhanced with the development of the Bandar Malaysia project opposite the property,” CCB said in a bourse filing.
The property comprises a 45,000 sq ft piece of leasehold land rated at RM1,100 per sq ft and a single-storey detached factory.
CCB said the purchase of the property, from Kamco Aluminium Sdn Bhd, is expected to result in rental savings and capital appreciation in the medium term.
The 60-year leasehold land has approximately 45 years remaining, and will expire in September 2062, it added.
CCB said that the acquisition will be financed through either internally-generated funds, bank borrowings or both.
CCB’s shares rose 0.68% or two sen to close at RM2.94 today, for a market capitalisation of RM294.17 million. — theedgemarkets.com
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