PLB purchases Penang land for RM5.5m
KUALA LUMPUR: PLB Engineering Bhd’s wholly-owned subsidiary, PLB Land Sdn Bhd, has signed a sale and purchase agreement with Perfect Crystal Sdn Bhd to buy five parcels of land, totalling 611 square metres in north-east district in Penang, for RM5.5 million.
The purchase will be financed from internally generated funds, it said in a filing to Bursa Malaysia.
PLB Engineering said the acquisition would increase its landbank to cater for future developments.
The company would reimburse RM300,000 to Perfect Crystal for the rights and interest in the development plans obtained from the Penang Municipal Council.
Source: Business Times