KUALA LUMPUR, June 18 — Kerjaya Prospek Property Bhd is buying a piece of leasehold land in Selangor for RM82 million.

In a filing with Bursa Malaysia today, the property developer said its wholly-owned subsidiary Pixel Valley Sdn Bhd had entered into a sale and purchase agreement with Roset-BLG for the purposed acquisition, which is expected to be completed by January 2022.

Roset-BLG’s principal activity is letting of properties and it is a wholly-owned unit of Better Living Grand Sdn Bhd, which in turn, is a wholly-owned subsidiary of Ipmuda Bhd.

Kerjaya Prospek said the acquisition will enable the group to focus on its core business of property development and to expand its landbank size.

Located in Section 13, Petaling Jaya, the land serves as a landbank for Pixel Valley’s property development activities.

The land accommodates an industrial lot together with other supporting ancillary buildings with a total approximate gross floor area of 15,524.75 square metres.

The purchase will be funded by internally generated funds and/or bank borrowings, while part of the purchase price shall be satisfied by way of transfer of properties.

According to Kerjaya Prospek, the exact use of the land has not been determined at this juncture.

It also said the proposed acquisition will not have any effect on the issued share capital and the shareholdings of the company.

In addition, the proposed acquisition is not expected to have any material effect on the net assets and net assets per share for the financial year ending March 31, 2022.

The proposed acquisition, however, is expected to enhance the net assets of the group in the future in view of the potential future profit contribution arising from the development of the land.

Kerjaya Prospek said the effect of the proposed acquisition on the gearing of the group will be dependent on the eventual funding mix to be used. — Bernama