KUALA LUMPUR (Nov 20): Property developer Oriental Interest Bhd is buying a plot of land in Sepang, Selangor, for RM46.78 million for a development to complement its existing project in Sepang.

The 4.7ha plot (505,688.51 sq feet) is being acquired at the price of RM92.50 per square foot, OIB said in a stock exchange filing today. Its 70%-owned Myra Land Sdn Bhd today inked a sale and purchase agreement with Makmur Asiamaju Sdn Bhd for the acquisition.

The purchase, which will be satisfied by a mix of internal funds and bank borrowings, will not have any material impact on its net assets, gearings or earnings for the financial year ending Aug 31, 2020 (FY20).

OIB expects the purchase to contribute positively to its future earnings. The acquisition is expected to be completed within eight months from the date of the agreement.

Oriental Interest’s shares were untraded today. The counter settled at RM2 last Monday (Nov 11), valuing the group at RM309.72 million.