KUALA LUMPUR (Sept 6): Brite-Tech Bhd is acquiring a piece of agriculture land in Kapar, Klang from a unit of Sime Darby Property Bhd for RM16.54 million, saying it represents an opportunity for the group to accumulate strategic industrial land for property investment and development purposes.

In a Bursa Malaysia filing, Brite-Tech said its wholly owned subsidiary Brite-Tech Corp Sdn Bhd (BCSB) is buying the freehold land from Sime Darby Property (Bukit Raja) Sdn Bhd.

BCSB provides a complete range of services and products in the field of water treatment, and formulated chemical products for water as well as engineered clarification, wastewater treatment, minimising wastewater sludge generation system and cooling water system.

Brite-tech said 90% of the acquisition will be funded by bank borrowings while the balance 10% will be funded by internally generated funds.

The group said the property is situated in a prime location, where all necessary infrastructures are readily available, with positive industrial development potential within the area.

Brite-Tech's share price closed unchanged at 26.5 sen on Tuesday (Sept 6), with a market capitalisation of RM66.8 million.