KUALA LUMPUR (May 15): Steel products maker ATTA Global Group Bhd is acquiring MPSB Venture Sdn Bhd for RM28 million to diversify its business into property investment.

In a filing with Bursa Malaysia, ATTA said it entered into a share sale agreement with Tac Wind Sdn Bhd today for the acquisition of  100% equity interest in MPSB.

ATTA said the acquisition will provide the group with opportunities to obtain additional land banks for future development.

"The board is optimistic that the proposed acquisition would generate synergistic benefits to the group in future," it said, adding it may also benefit the group in terms of future capital appreciation.

The filing added that the proposed acquisition will be funded by internally-generated funds.

Barring any unforeseen circumstances, the proposed acquisition is estimated to be completed within three months from the agreement date.

Shares of ATTA closed down 2 sen or 3.45% today at 56 sen, for a market capitalisation of RM116.95 million.