Latest news with #LBAluminiumBhd
Malaysian Reserve
13 hours ago
- Business
- Malaysian Reserve
LB Aluminium acquires Banting industrial property for RM22m
LB Aluminium Bhd is acquiring a 6.74-acre leasehold industrial property in Banting, Selangor, for RM22 million as part of a strategic move to enhance its asset base while monetising a portion of the deal through a debt offset arrangement. In a filing with Bursa Malaysia, the aluminium extrusion specialist said it is purchasing the property – which includes buildings — from Lucksoon Coatings Sdn Bhd. As part of the transaction, LB Aluminium will enter into a contra agreement to offset RM4.01 million in outstanding debt owed by Lucksoon Coatings' related company, Lucksoon Metal Works Sdn Bhd, against the purchase price. Upon completion of the acquisition, LB Aluminium will lease the property back to Lucksoon Metal Works under a three-year tenancy agreement. The company is currently occupying the site for its metal works and metal product trading operations. LB Aluminium said the property offers long-term capital appreciation potential due to its strategic location near Port Klang and Kuala Lumpur International Airport, with convenient access to major highways. The acquisition will be funded via a combination of internally generated funds and bank borrowings. — TMR
New Straits Times
15 hours ago
- Business
- New Straits Times
LB Aluminium proposing to acquire land, properties worth RM22mil
KUALA LUMPUR: LB Aluminium Bhd is planning to acquire a parcel of leasehold industrial land and industrial buildings from Lucksoon Coatings Sdn Bhd for RM22 million. In a filing with Bursa Malaysia today, the company said the acquisition of the industrial land in Banting, Selangor, also includes an industrial complex comprising three adjoining single-storey detached factories, a double-storey office building, an open-sided single-storey factory, three open-sided stores and a guard house. The company also inked a three-year tenancy agreement to rent the property out to Lucksoon Metal Works Sdn Bhd with a monthly rental of RM116,000 per month upon completion of the proposed acquisition. "Lucksoon Metal Works Sdn Bhd is currently occupying the property to run a business of contractors and traders of metal works and metal products. "The proposed acquisition will enable the group to establish an additional source of recurring income and benefit from potential capital appreciation of the property in the foreseeable future," it said.
