LB Aluminium acquires land in Banting for RM22mil

PETALING JAYA: LB Aluminium Bhd (LBA) is acquiring a parcel of leasehold industrial land in Banting, Selangor from Lucksoon Coatings Sdn Bhd for RM22mil.

In a filing with Bursa Malaysia, LBA said the proposed acquisition will enable the group to establish an additional source of recurring income and benefit from potential capital appreciation of the property in the foreseeable future.

“The property is a parcel of industrial land erected with an industrial complex comprising three adjoining single-storey detached factories, a double-storey office building, an open sided single-storey factory, three open sided stores and a guard house.”

LBA added that it had also inked a three-year tenancy agreement to rent out the property to a related company to the vendor, Lucksoon Metal Works Sdn Bhd (with a monthly rental of RM116,000 per month) upon completion of the proposed acquisition.

“Lucksoon Metal is currently occupying the property to run a business of contractors and traders of metal works and metal products.”