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Magna Prima to acquire land for RM148.151 million

Posted on: March 24, 2009


Bernama – Tuesday, March 24

KUALA LUMPUR, March 23 (Bernama) — Magna Prima Bhd’s wholly-owned subsidiary, Twinicon (M) Sdn Bhd, has entered into an agreement with the Lai Meng Girls’ School Association for the proposed acquisition of land for RM148.151 million.

The proposed acquisition involves a total of 10,587.50 square metres, the company said in its filing to Bursa Malaysia today.

According to Magna Prima, the proposed aquisition will enable the group to replenish and increase its land bank at strategic locations for its future property development projects with high gross development value potential.

The company said with the intention to undertake an integrated commercial and/or residential development project, the proposed acquisition is expected to contribute positively to the group’s earnings in the future.

Magna Prima also said the property concerned is strategically located along Jalan Ampang, surrounded by the neighbourhood of prestigious landmark buildings and within a short walking distance to Petronas Twin Towers.

The proposed acquisition is expected to be completed by 2015, it added. — BERNAMA

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