Tek Seng buys land near Penang factories for RM34m

• The purchases, it said, are in line with its strategy of  acquiring land bank at locations near to its existing factories for investment or future expansion.

KUALA LUMPUR (April 5): PVC products manufacturer Tek Seng Holdings Bhd is acquiring three parcels of freehold vacant land near its factories in Seberang Perai, Penang for RM33.96 million.

Its subsidiary Wangsaga Industries Sdn Bhd (WISB) is acquiring a plot of land measuring 4.8765 hectares from Bagan Specialist Centre Sdn Bhd for RM26.98 million.

WISB is also acquiring a land plot measuring 0.39 hectare for RM2.18 milliom, and another 0.86 hectare for RM4.8 million.

“The purchase consideration was arrived at RM51 psf based on an 'as is where is’ basis with vacant possession, free from all encumbrances and restraints in dealings subject to the terms and conditions of the sale and purchase agreements,” Tek Seng said.

The purchases, it said, are in line with its strategy of  acquiring land bank at locations near to its existing factories for investment or future expansion, it added.

Shares in Tek Seng settled up half a sen or 1.67% at 30.5 sen each on Wednesday (April 5), giving the group a market capitalisation of RM110 million.