PETALING JAYA: Lion Industries Corp Bhd (LICB) has proposed to acquire 80 acres of leasehold agriculture land in Sepang, Selangor, for RM23mil cash.

       In a filing with Bursa Malaysia, LICB said its wholly owned subsidiary LLB Bina Sdn Bhd has entered into a novation agreement with Grandprop Sdn Bhd and Premier Land Resources Sdn Bhd for the acquisition of the sub-divided land.

       The sub-divided land is located about 10 km away from KL International Airport.

       “The proposed acquisition provides a strategic investment opportunity and is in line with the LICB Group’s plan to expand its landbank for its property division wherein LLB Bina will own 80 acres of land upon the completion of the novation agreement and SPA,” it said.

       LICB said LLB Bina has plans to convert the usage of the land from the existing "agricultural land" to "mixed development/industrial development".

       “This is expected to provide the LICB group an opportunity to create potential economic value and contribute to its earnings in the near future when the land is developed into mixed and industrial park development.