Gromutual unit buys land in JB for RM44m

KUALA LUMPUR: GROMUTUAL BHD has acquired two pieces of freehold land in Johor Bahru for RM44 million as part of its plans to replenish its land bank in strategic locations for future development.

In a filing on Tuesday, June 7, Gromutual said its wholly owned subsidiary Rainbow Entity Sdn Bhd had acquired the two lands measuring 9,079.88 sq meters and 5.37ha respectively from Ladang SPK Sdn Bhd.

It said the purchase would be financed via internally generated funds and bank borrowings.

“The development on the said land is expected to contribute to the medium to long term future earnings of the Gromutual group,” it said.

By The EDGE Malaysia