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- Maxim said the acquisition will supplement its existing land bank at strategic locations with potential for growth.
KUALA LUMPUR (July 9): Maxim Global Bhd (KL:MAXIM) said it is acquiring 5.81 acres of freehold land in Subang Jaya for RM95 million or RM375.25 per sq ft.
The land is located in front of the South Quay-USJ 1 bus rapid transit station on Jalan Subang 1, within an area designated as a transit-oriented development zone.
Maxim is buying the land via its 70%-owned unit Maxim Icon Sdn Bhd from the administrators of the estate of Low Teck Choon, the group said in an exchange filing on Tuesday.
The acquisition, it said, will be funded through internally generated funds and bank borrowings.
Maxim said the acquisition will supplement its existing land bank at strategic locations with potential for growth. This is in line with its aim to further strengthen its foothold in property development and construction activities and to generate long-term sustainable income, it said.
Currently, the group’s landbank consists of 33 acres across the Klang Valley and Labuan.
As of the end of March, Maxim had total bank borrowings of RM134.47 million, exceeding its cash and bank balances of RM54.25 million.
Shares of Maxim closed unchanged at 43.5 sen on Tuesday, giving the group a market capitalisation of RM316.21 million.
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