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Harn Len, Jotech sign deal to buy land for RM18m
Published on: Wednesday, July 13, 2016
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Kuala Lumpur: Harn Len Corp Bhd has signed a sale and purchase agreement (SPA) with Jotech Metal Fabrication Industries Sdn Bhd to acquire three pieces of land together with a factory building for RM18 million. In a filing to Bursa Malaysia Tuesday, Harn Lee said, the group intended to invest in the properties for its appreciation in value.

"The properties are located in the vicinity of factories occupied by reputable firms such as Meiban, Toyoplus and London Biscuits. Hence, the appreciation in value is foreseen.

"The properties purchased are rented back to the vendors for five years. The rate of rentals are reasonable at eight per cent," it said.

The company said barring any unforeseen circumstances, the acquisition was expected to be completed within three months from the date of SPA.

Harn Len is principally engaged in the business of cultivation of oil palm, operation of palm oil mill, property investment and investment holding while JoTech Metal is involved in the manufacturing and fabrication of tools and dies and stamp metal components for electronical and consumer electronics industries. – Bernama



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