KUALA LUMPUR (Jan 22): Leader Steel Holdings Bhd is acquiring a piece of freehold land in Klang for RM30.67 million to expand its manufacturing cum warehouse facility. 

In a filing with Bursa Malaysia today, the steel products manufacturer said the 3.48 million sq ft land, currently owned by Kapar Holding Sdn Bhd, is situated at the proximity of the group’s present plant and office in Kapar. 

This, it said, could assist in its business expansion plan to other regions in Peninsular Malaysia and export market, due to excellent public infrastructure and its proximity to Port Klang. 

"The intention of the group is to expand manufacturing cum warehouse facility to accommodate future expansion of business activities in the central region, which will enable the group to capitalise on its new centralised location to seek opportunities in other and new domestic markets operating in the central and southern regions of Peninsular Malaysia, as well as regional export markets," it said.  

The acquisition will be funded via internally-generated funds and bank borrowings.

Leader Steel added that the purchase is expected to be completed in the fourth quarter of 2020. 

Shares of Leader Steel closed down one sen or 3.23% at 30 sen today, for a market capitalisation of RM37.11 million.