KUALA LUMPUR (Oct 8): Cyberjaya Education Group Bhd (KL:CYBERE) is acquiring 24,777 square metres of vacant freehold commercial land in Sepang for RM15 million in cash to support its university’s expansion and future student facilities.

Its wholly-owned subsidiary Ilmu Living Sdn Bhd is buying the land from Maju PuncakBumi Sdn Bhd, which is in liquidation, the group said in a Bursa Malaysia filing on Thursday.

“The proposed acquisition is in line with the group’s long-term strategy to support the continued growth of the University of Cyberjaya and to invest progressively in infrastructure and facilities for its growing student community,” it said, noting that the land is located near the university.

The group said the eventual concept, scale and implementation timeline would depend on further feasibility studies, planning and an assessment of its requirements, as well as relevant regulatory approvals.

The land acquisition is expected to be completed in the third quarter of 2027, subject to the fulfilment or waiver of the agreement’s conditions precedent. As at June 30, Cyberjaya Education had cash and cash equivalents of RM6.97 million against total borrowings of RM155.74 million.

Cyberjaya Education shares closed unchanged at RM1.49 on Thursday, giving the group a market capitalisation of RM259.8 million. The stock has gained 63.7% year to date.