KUALA LUMPUR (Aug 16): OKA Corp Bhd has proposed to acquire a piece of land in Senai, Johor for a total of RM14.24 million for expansion of operation.

In a filing with Bursa Malaysia on Tuesday (Aug 16), the precast concrete product manufacturer said its wholly-owned subsidiary OKA Concrete Industries Sdn Bhd (OCI) had purchased the piece of land from vendors Hoe Siew Meng and Hoe Teck How.

“The property will be used by OCI, the wholly-owned subsidiary of OKA, for expansion of operation in anticipation of future growth in its business in the southern region. 

“The proposed acquisition is not expected to have any material effect on the gearing level of the OKA group for the financial year ending March 31, 2023 (FY23),” it said. 

Meanwhile, it said the proposed acquisition is expected to be completed by the fourth quarter of FY23. 

At noon break, shares in OKA Corp traded three sen or 3.82% lower at 75.5 sen, giving it a market capitalisation of RM185.27 million.