Pintaras Jaya acquires 11 Klang land parcels for RM23mil for development

KUALA LUMPUR: Pintaras Jaya Bhd (PJB) has proposed to acquire 11 pieces of freehold land in Klang, Selangor for RM23mil. In a filing with Bursa Malaysia, PJB announced that it has entered into a sale and purchase agreement (SPA) with Tiong Lee Company (1955) Sdn Bhd for the proposed acquisition of 11 pieces of freehold land, along with oil palm trees planted, covering a total area of approximately 33 acres. “The property is currently agriculture land but is zoned for residential development.

The company views the proposed acquisition as an opportunity for the group to diversify substantially into property development in the future and expand its revenue base,” PJB said. The group said the proposed acquisition provided an opportunity for the company to enhance its economic value and increase its earnings potential..