KUALA LUMPUR (Sept 23): EPB Group Bhd (KL:EPB), which was listed a month ago, is acquiring land in Penang Science Park North, Penang for RM22.49 million for its business expansion.  

The industrial land, measuring 7.84 acres, will be used to expand its business by building a new corporate office as well as a factory building with a warehouse and a showroom, said the food processing and packaging machinery solutions in a bourse filing.

The land was acquired from Penang Development Corp. Of the purchase price of RM22.49 million, RM13 million will be funded via proceeds from its initial public offering, and RM9.49 million from internally generated funds and/or bank borrowings.

The acquisition is subject to approval from the state authority of Penang for the alienation of the land, which is expected to be completed by the second half of 2025.  

EPB’s share price closed unchanged at 60 sen, bringing the group a market capitalisation of RM223 million.