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KUALA LUMPUR, Jan 21 -- Eupe Land Development Sdn Bhd (ELDSB), an indirect subsidiary of Eupe Corp Bhd (ECB), has entered into a sale and purchase agreement with Sing Ta Nian Development Sdn Bhd (STN) to acquire a parcel of freehold land in Kedah for RM40 million.
In a filing with Bursa Malaysia today, the group said it has also entered into a joint venture agreement with STN to develop the 21.7-hectare land in Kuala Muda.
ECB said the proposed acquisition forms part of the group’s ongoing efforts to sustain its core business as a property developer by acquiring viable landbanks for future development.
“The acquisition will provide the group with a strategic opportunity to expand its landbank and presence in the Northern Region as well as sustaining a healthy level of property development projects in its projects pipeline,” it said.
The proposed acquisition is not expected to have any material effect on the earnings and the net assets per share of the company and of the group for the financial year ending Feb 28, 2022.
It is expected to contribute positively to the future earnings prospects of ELDSB and of the group, it added.
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