Tuesday, September 13, 2011

Wang-Zheng unit buys 6.73-acre land in Port Klang for RM18.5m

KUALA LUMPUR: WANG-ZHENG BHD [] is acquiring a 6.73-acre leasehold industrial land in Port Klang for RM18.5 million to be held as an investment property to be rented out.

It said on Tuesday, Sept 13 that its wholly owned subsidiary New Top Win Corporation Sdn Bhd (NTW) had entered into a sale and purchase agreement with Klang Hock Polystyrene Industries Sdn Bhd to acquire the land.

It said NTW is principally involved in the importing, processing and trading of papers.

Wang-Zheng said the property was a piece of industrial land with a 99-year leasehold expiring on Sept 2, 2092.

It said the acquisition would be financed via internally generated funds and external bank borrowings.

On the rationale for the acquisition, Wang-Zheng said the property was strategically located near to major ports and would be held by NTW as an investment property with intention to lease out for rental income.

'In addition, the company will be able to utilise the said property to cater for any future expansion of its business operations,' it said.


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