KUALA LUMPUR (Oct 25): Pipes and fittings maker Resintech Bhd (KL:RESINTC) has proposed the acquisition of a 4,280-sq-metre piece of leasehold industrial land in Telok Panglima Garang, Selangor to support future expansion.
In a bourse filing on Friday, the company said it is buying the property, which includes a semi-detached factory and a three-storey office building, from a scrap metal trading firm, Sri Pushpam Recycling Sdn Bhd, for RM11 million.
The property will provide the company additional production and warehouse space, said Resintech, adding that its location of a two-minute drive from the company’s current facility will help streamline business expansion.
The acquisition is expected to be completed by the first half of 2025, said Resintech.
Resintech’s shares fell by half a sen or 0.74% to close at 67 sen on Friday, resulting in a market capitalisation of RM131.15 million.
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Source: EdgeProp.my
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