WCT Unit To Acquire Land In Klang For RM118 Million -
KUALA LUMPUR, May 28 -- WCT Holdings Bhd's subsidiary Gabungan Efektif Sdn Bhd has entered into a sales and purchase agreement (SPA) with Elite Asia Pacific Sdn Bhd to acquire three pieces of land worth RM118 million located in Klang, Selangor.
In a filing to Bursa Malaysia, WCT said the freehold land covers a total of 7.9 ha. located adjacent to the company's current Laman Greenville development and next to its existing 12.95 ha. commercial development.
"The acquisition gives the company the option to combine the land together for a potential future integrated development with a gross development value of about RM2.7 billion and help strengthen our presence in Bandar Bukit Tinggi, Klang," said WCT.
The group said the cash purchase will be financed via internally generated funds, adding a 10 per cent deposit or RM11.8 million will be paid upon execution of the SPA, with the balance payable within the completion period expected in three month