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KUALA LUMPUR (Dec 10): MTAG Group Bhd is buying two pieces of freehold industrial land that span 12.1 acres collectively in Plentong, Johor for RM24.56 million.
In a filing with Bursa Malaysia, MTAG said its managing director Chaw Kam Shiang was granted an option to purchase the two plots from Brilliant Propel Sdn Bhd.
MTAG said Chaw entered into a letter of assignment to assign all his rights under the option to MTAG.
“MTAG expects to execute the sale and purchase agreement for the proposed acquisition, before the expiry of option on March 31, 2020,” it said.
The group said acquisition will enable it to construct its new manufacturing plant to house its corporate office, production lines and warehouse.
The acquisition is expected to be completed in the second quarter of 2020, MTAG added.
MTAG’s share price closed unchanged at 56 sen yesterday, giving the group a market capitalisation of RM381.71 million.
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