Uni Wall Aps' subsidiary to acquire 518.74 hectares land in Seremban for RM445 mln

KUALA LUMPUR, Sept 23 (Bernama) -- Uni Wall Aps Holdings Bhd’s 70 percent-owned subsidiary, NS Aero, has entered into a conditional sale and purchase agreement with NS Corp for the proposed acquisition of two adjoining parcels of freehold land at Seremban for a cash consideration of RM445 million. 

In a filing with Bursa Malaysia today, the company said the purchase consideration would be satisfied entirely in cash, which would be funded via a combination of internally generated funds, bank borrowings and proceeds to be raised from the company’s fund-raising exercises.

It said the proposed acquisition of the approximately 518.74 hectares of land was part of the company’s initiatives to achieve improved financial performance and allow Uni Wall Aps to leverage its expertise in construction to expand into property development activities.

“The land is intended to be developed as the NS International Tech Park,” it said.

It said the company is expected to receive additional income streams upon progressive sales and development of the park.

Uni Wall Aps said the proposed acquisition is not expected to have a material effect on the company’s earnings and earnings per share for the financial year ending Dec 31, 2022 as the proposed acquisition is expected to be completed in the fourth quarter of this year. 

Nevertheless, it said the proposed acquisition is expected to contribute positively to the company’s future earnings when parcels of the land are sold and developed.

As part of the development, it said Uni Wall Aps intended to collaborate with strategic partners to purchase parcels of the land from NS Aero.

“The company is in discussions with several strategic partners and NS Aero has signed several memorandums of collaboration with Astrom Training Solutions Inc in Canada and Sun Solutino Pte Ltd in Singapore,” it added.

-- BERNAMA