KUALA LUMPUR (June 29): United U-Li Corp Bhd is buying a plot of vacant leasehold industrial lot, measuring 34,942 sq meters (376,112 sq ft) in Nilai, Negeri Sembilan, for RM12.04 million to expand its operational capacity.

It told the stock exchange that the land acquisition is part of its plan to enhance its position in the cable support system industry.

"The acquisition would enable us to further expand operations capacity and to manage operations more efficiently and reduce operating costs," it added.

United U-Li is buying the land via its unit United U-Li (M) Sdn Bhd. The land, with a lease expiring on Aug 19, 2089, is currently charged to Public Bank Bhd.

Though the acquisition is not subjected to shareholders' approval, it is still pending the state authority's approval.

United U-Li said it expects to complete the deal by year end.

Shares in United U-Li fell four sen or 0.6% to close at RM6.65, for a market value of RM958.32 million.