PETALING JAYA: Plytec Holding Bhd

is proposing to acquire a parcel of freehold vacant land measuring 1.9551 hectares in Olak Lempit, Selangor from J.P. Lim & Sons Sdn Bhd for RM6.21mil.

In a filing with Bursa Malaysia, Plytec said the land is presently categorised for agricultural use.

“The proposed acquisition is in line with the group's long-term expansion plans and its strategy to secure land for the future development of its operations.”

Plytec noted that the land is strategically located in proximity to the group's existing facility and manufacturing plant.

“This is expected to facilitate better operational coordination, more efficient deployment of resources and management oversight.

“The land is expected to appreciate in value upon conversion, having regard to the price differential between agricultural and industrial land in the vicinity.”

Upon conversion from agricultural to industrial use, Plytec said the land may be utilised for the development of additional manufacturing, warehousing or other operational facilities to support the group’s future business requirements.”