KUALA LUMPUR (Oct 13): Resintech Bhd is buying a four-hectare piece of freehold land in Telok Panglima Garang, Selangor, for RM23.53 million to cater to the future expansion of its production and warehouse operations.

The plastics building materials manufacturer said wholly-owned subsidiary Johan Panglima (M) Sdn Bhd signed an agreement with Eiscon Construction Sdn Bhd to acquire the property, which had been 4.6 hectares before a portion of it was surrendered to the relevant authority as reserve area for a monsoon drain.

The land is located within the same industrial area where the group’s head office is located.

“(The purchase) will allow the group to respond to the market more efficiently and hence improve performance,” the company said in a filing with Bursa Malaysia today.

It said the proposed acquisition would be satisfied through internally-generated funds (RM2.53 million) and bank financing (RM21 million).