KUALA LUMPUR (Feb 21): Master Tec Group Bhd (KL:MTEC) is acquiring a 42.59-acre freehold land in Jasin, Melaka, which the power cables manufacturer says presents an opportunity for the group's future expansion due to the property's prime location.
The group is buying the land from 25 individual owners for RM10.2 million, Mater Tec said in a filing with Bursa Malaysia on Friday, adding that the acquisition will be funded through internally generated funds and bank borrowings.
The group noted that the price is 0.89% below the land’s market value of RM10.3 million, as appraised by valuer Henry Butcher Malaysia (Malacca) Sdn Bhd in October 2024.
Master Tec’s shares closed up six sen or 5.88% at RM1.08 on Friday, valuing the group at RM1.1 billion. The stock is up 2.77 times against its listing price of 39 sen in January 2024.
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