's indirect subsidiary Bintang Seribu Sdn Bhd will acquire two lots of land in Klang from Golden Valley Industries Sdn Bhd for RM103.55mil cash.The two tracts of freehold agricultural land have a combined size of 2.96 million sq ft, and have a purchase price of RM35 psf.
Can-One said in a filing with Bursa Malaysia that the purchased lots are to be used as a new manufacturing hub and warehousing facility for the group of companies.
It added that it intends to relocate some of its operations in the Klang Valley and consolidate them in one location to improve operating efficiency.
An indicative 80% of the proposed acquistion will be funded via bank borrowing while the remaining 20% will be from internally generated funds.