Chin Well buys three parcels of land in Penang for RM48.4mil
PETALING JAYA: Chin Well Holdings Bhd is acquiring three parcels of freehold land totalling 128,509 sq metres in Seberang Prai, Penang, from High Rich Realty Sdn Bhd for RM48.4mil.
In a filing with Bursa Malaysia, the carbon steel fasteners manufacturer said the transaction is consistent with the company's long-term growth strategy of acquiring land bank at good locations with strong potential for capital appreciation and development.
'The properties are strategically located along the main road and easy access to key economic zones and industrial areas, including the Batu Kawan Industrial Park, Valdor, and the prominent townships such as Simpang Ampat, Bukit Minyak, and Nibong Tebal.
'Additionally, the properties are in close proximity to the Second Penang Bridge, further enhancing accessibility and underscoring the area's readiness with infrastructure in place.'
Chin Well said it intends to satisfy the transaction with internally generated funds.
'Therefore, the transaction may impact the cash flow position of the group. Nevertheless, the board believes that its prudent cash flow management will be able to address the cash flow risk.'
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