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Can-One to acquire land in Klang for RM103.55m

Can-One to acquire land in Klang for RM103.55m

13 Jul 2020

Can-One Bhd’s indirect wholly-owned subsidiary Bintang Seribu Sdn Bhd has proposed to acquire two freehold vacant land measuring 67.92 acres in Kapar, Klang from Klanggroup Holdings Sdn Bhd’s subsidiary Golden Valley Industries Sdn Bhd for RM103.55 million cash.

“The lots are intended to be used as a new manufacturing hub and warehousing facility for Can-One group of companies. The group intends to relocate some of its operations in Klang Valley and consolidate them in one location to improve future operating efficiency,“ Can-One said in a stock exchange filing today.

The net debt-to-equity of Can-One will increase as a result of the exercise. The net debt-to-equity ratio of Can-One as at Dec 31, 2019 will increase from 61% to 67%.

The proposed acquisition will be funded via bank borrowing, indicatively in the proportion of 80% while the balance will be from internally generated funds.

The proposed acquisition is estimated to be completed within 12 months.

Source: The Sun Daily