KUALA LUMPUR (Nov 29): PJBumi Bhd said it has received a conditional development order from the Sungai Petani Municipal Council for the proposed development of its 4.6-acre industrial land in Sungai Petani, Kedah.

The development comprises 24 units of smart medium industrial factories with an estimated gross development value (GDV) of RM42 million, said PJBumi in a filing with Bursa Malaysia on Wednesday.

The group said that the construction period is 18 months.

"The directors are of the opinion that the development is in the best interest of the group after considering, amongst others, the potential financial contribution to the earnings of the group" it added.

At market close on Wednesday, PJBumi's shares were up 1.5 sen or 1.73% at 88 sen, giving it a market capitalisation of RM72.16 million.