Kossan to acquire property in Klang for RM40mil

TheStar Tue, Jul 07, 2020 07:50am - 3 years View Original


Kossan noted the property adjoined IQ’s existing production facilities and the acquisition would enable IQ to expand its facilities without delay, as all utilities such as water, electricity and natural gas supplies were available.

PETALING JAYA: Glove maker Kossan Rubber Industries Bhd has proposed to acquire a piece of property in Klang, Selangor, for a cash consideration of RM40mil from palm oil machinery group CB Industrial Product Holding Bhd (CBIP).

Both companies announced to Bursa Malaysia yesterday that their wholly owned subsidiaries – Ideal Quality Sdn Bhd (IQ) and Advance Boilers Sdn Bhd (ABSB) – had entered into a sale and purchase agreement.

IQ would acquire a piece of freehold land, measuring approximately 4.05ha, together with several buildings erected thereon from ABSB.

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BURSA 7.460
CBIP 1.410
IDEAL 3.200
KOSSAN 2.150

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