KUALA LUMPUR, Jan 29 -- Maxim Global Bhd’s (Maxim) 70 per cent-owned subsidiary, Blue Ocean Maxim Sdn Bhd (Blue Ocean), has entered into a Sale and Purchase Agreement (SPA) with Reka Jendela Development Sdn Bhd to acquire a 2.45-hectare land worth RM50 million located in Bandar Sri Permaisuri, Kuala Lumpur (KL).
In a filing to Bursa Malaysia, Maxim said the proposed land acquisition will enable the company to replenish its landbank at strategic locations with potential growth.
“This is in line with the group's aim to strengthen its foothold in property development and construction activities and to generate long-term sustainable income,” it said.
The proposed land acquisition is expected to complete within the six months from the date of execution of the SPA.
The company said the proposed land acquisition will not have any effect on the net asset, earnings and earnings per share of Maxim Group for the financial year ending Dec 31, 2021 except for interest cost to be incurred in financing the proposed land acquisition.
“But (it) is expected to contribute positively to the group’s future earnings upon the commencement of property development activities,” it added.
-- BERNAMA
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