Gromutual Bhd, a property developer, has agreed to pay Senai Airport City Sdn Bhd, a subsidiary of the MMC Group, RM21.33 million for land in Johor.
According to Gromutual, the 9.79-acre property was bought to aid the company’s growth in the building of ready-built industrial facilities (RBF) for sale or lease to the supply chain of multinational firms operating in Senai Airport City’s Free Zone and Non-Free Zone.
Gromutual’s expertise in RBF will complement and support Senai Airport City’s ecosystem, according to a filing with Bursa Malaysia. “Taking advantage of Senai Airport City’s recent traction of numerous investments from notable foreign direct investments and domestic direct investments, Gromutual’s expertise in RBF will complement and support Senai Airport City’s ecosystem,” it reportedly added.
The acquisition will be funded using internal money and bank loans, which will be decided by the executive directors at a later date.
Gromutual’s share price closed down 1.5 sen or 4.84% at 29.5 sen on Monday, giving the group a market capitalisation of RM111 million.
MMC fell one sen, or 0.51 per cent, to RM1.97, putting the company’s market valuation at RM6 billion.