KUALA LUMPUR – Blue Ocean Maxim Sdn Bhd, a 70%-owned Maxim Global Bhd subsidiary, has entered into a sales and purchase agreement with Reka Jendela Development Sdn Bhd to acquire a 2.45ha land worth RM50 million in Bandar Sri Permaisuri here.
In a filing to Bursa Malaysia, Maxim said the proposed land acquisition will enable the company to replenish its land bank at strategic locations with potential growth.
“This is in line with the group’s aim to strengthen its foothold in property development and construction, and to generate long-term sustainable income.”
The proposed acquisition is expected to be completed within six months from the date of execution of the agreement.
The company said the acquisition will not have any effect on the net asset, earnings and earnings per share of Maxim Group for the financial year ending December 31, 2021, except for interest cost to be incurred in financing it.
“But (it) is expected to contribute positively to the group’s future earnings upon the commencement of property development activities.” – Bernama, January 29, 2021
