KUALA LUMPUR: LB Aluminium Bhd has proposed to acquire a parcel of freehold industrial land with buildings in Beranang, Selangor for RM30.41mil cash.

       In a filing with Bursa Malaysia, LB said it entered into a sale and purchase agreement with Puspajaya Realty Sdn Bhd for the proposed acquisition.

       LB said the property is a parcel of freehold industrial land erected with two units of single-storey detached factories, a single-storey office and a guard house.

       The company said the proposed acquisition shall be satisfied by cash from internally generated funds and/or bank borrowings.

       “The proposed acquisition is of strategic importance to the company as it is located adjacent to the company's existing manufacturing operations and factories and is ready for immediate utilisation.

       “We will utilise the property to increase our warehouse capacity in Beranang and to relocate our subsidiaries’ operations there as well as to cater for any future expansion plans,” LB Aluminium said.