Emas Kiara Industries Bhd (EKIB)'s wholly-owned subsidiary, Noblecorp Sdn Bhd, has acquired land in Kulai, Johor, from Creative City Development Sdn Bhd for RM5.258 million.
The company would obtain a bank loan to complete the acquisition which would not only benefit the group but also help diversify into different businesses including investment.
In a filing to Bursa Malaysia, EKIB said the property outlook in Johor was expected to be positive taking into consideration the advanced stage of completion of major infrastructure works.
"Major projects in Iskandar Malaysia are coming on this year and the investment prospects enhanced by the Economic Transformation Programme would also contribute to the overall positive outlook," it added.
Barring unforeseen circumstances, the acquisition is expected to be completed within three months.
By Bernama
Monday, May 14, 2012
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