AME Elite shareholders approve Selangor expansion with KLK Land

KUALA LUMPUR: AME Elite Consortium Bhd’s shareholders have approved all resolutions at today’s extraordinary general meeting, clearing the way for a joint venture with KLK Land Sdn Bhd, a wholly-owned subsidiary of Kuala Lumpur Kepong Bhd, to develop a 151.2-acre premier industrial park in Ijok, Selangor.

AME Elite and KLKL will carry out the development through their joint venture entity, Central Gateway Development Sdn Bhd (CGDSB), owned 60% by AME Elite’s subsidiary AME Industrial Park Sdn Bhd (AMEIP) and 40% by KLKL.

In a statement, AME Elite said CGDSB will acquire two parcels of freehold agricultural land with industrial potential in Mukim Ijok, Selangor, from KLK, for a total purchase consideration of RM230.5mil cash.

Additionally, AME Elite and its subsidiaries will provide financial assistance to CGDSB through AMEIP for the development of the land.

“Securing shareholder support for this expansion into Selangor marks a significant milestone in AME Elite’s growth trajectory. This joint venture allows us to leverage our core strengths in developing sustainable industrial parks while capitalising on the significant opportunities in this key industrial state.

“With our presence in Johor, Penang, and now Selangor, we have truly become a national player in the Malaysia’s industrial space sector,” executive director and group CEO Dylan Tan Teck Eng said in the statement.