KUALA LUMPUR: Dynaciate Group Bhd has proposed to acquire a 23,550 sqm freehold industrial land in Bentong, Pahang for RM12mil cash.

       In a filing with Bursa Malaysia, Dynaciate said its wholly-owned subsidiary, Magnitude Resources Sdn. Bhd had entered into a sale and purchase agreement with Powernet Industries Sdn Bhd (PISB) for the proposed acquisition.

       PISB, a wholly-owned subsidiary of Main Market listed KPower Bhd, is principally involved in the textile manufacturing of warp-knitted fabrics.

       Dynaciate said the Bentong property is a freehold industrial land measuring approximately 5.8 acres, with a double-storey office building annexed with a single-storey factory, a double-storey and one single-storey detached warehouses, as well as fixtures and fittings of the buildings which includes machinery, plant, material and equipment.

       Executive director Melvin Lim is confident that the proposed acquisition would contribute positively to the group’s future earnings.

       “We are actively expanding our property portfolio, capitalising on the group’s construction resources in particular within the industrial land and building sector to increase the value of our property investments.

       “Pushing forward, our ultimate portfolio strategy is to identify, invest and to develop the ever-growing capital appreciation and rental income potentials within the said industrial market,” he said.

       Dynaciate said the proposed acquisition, which will be financed through borrowings, is expected to be completed by second quarter of the calendar year 2022.