KUALA LUMPUR (Feb 21): LKL International Bhd has proposed to acquire a piece of leasehold land attached with the Employees Provident Fund (EPF) Damansara Fairway building in Selangor for RM24 million cash.

LKL’s wholly owned subsidiary LKL Advance Metaltech Sdn Bhd (LKLAM) has entered into a sale and purchase agreement with the EPF board on Tuesday (Feb 21), according to the group’s Bursa Malaysia filing.  

LKLAM — principally involved in the business of providing medical or healthcare beds, peripherals and accessories — expects the acquisition to be completed by the second half of 2023 and to accommodate its business expansion.

The group said the property comprises a piece of land measuring approximately 2,301 square metres, together with a 12-storey commercial office block and a five-storey car park.

It also stated that the site has good business potential due to its strategic location, accessibility and connectivity.

“The proposed acquisition will be satisfied in cash via a combination of the company’s internally generated funds and/or bank borrowing. The proportion of which will be determined at a later date,” LKL added.

On Tuesday, LKL's share price closed one sen lower at 26.5 sen, valuing the group at RM26.75 million.