KUALA LUMPUR (June 30): ILB Group Bhd, formerly known as Integrated Logistics Bhd, is buying 1,124 sq metres of freehold commercial land with shoplots in Petaling Jaya for RM15.9 million.

The acquisition will be satisfied via the issuance of 37.78 million new shares at 42.11 sen per share, said ILB in a filing with Bursa Malaysia.

The group said the acquisition of the asset from Impian Nuri Sdn Bhd will give it an additional recurring income stream. 

This will enable the group to conserve cash resources to fund its core business, as it is still actively pursuing renewable energy projects from both public and private sectors. 

ILB shares closed half sen or 1.0% lower at 47.5 sen on Thursday (June 30), giving the group a market capitalisation of RM92.64 million.