PETALING JAYA: Mould manufacturer MQ Technology Bhd
(MQ Tech) is acquiring a piece of 7.16-acre land in Klebang, Melaka, through its wholly-owned subsidiary Star Acres Sdn Bhd (SASB), for a consideration of RM19.5mil from property developer Cash Support Sdn Bhd (CSSB).
In a filing with Bursa Malaysia yesterday, MQ Tech said the proposed acquisition was an integral part of its plan to diversify into the property business, as it has seen increasing challenges in its manufacturing business, including intensifying competition which resulted in the group registering losses in the recent few financial years.
“Although the group has recorded profitability based on the unaudited consolidated financial statements for the fiscal year ended Sept 30, 2022, which was mainly due to higher revenue recorded during the financial period under review from the business of manufacturing, we intend to mitigate our reliance on our sole business of manufacturing by diversifying its business to include property, through the proposed acquisition.”
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