Dominant Enterprise buys freehold land in Johor for RM21m to expand warehousing facilities business
28 Oct 2021
Dominant Enterprise Bhd has acquired a piece of freehold land in Johor from Senai Airport City Sdn Bhd for a purchase consideration of RM21.19 million.
The land, measuring 10.185 acres, is to expand the group’s business in the construction of warehousing facilities for lease to cater to Senai Airport City’s multinational companies’ operation in the Free Industrial Zone, the Johor-based flat laminated wood products and moulded wood components manufacturer said in a bourse filing.
“The warehouse will be rented out to generate recurring rental income for the group, diversifying the group’s income stream,” it added.
It noted that the land is located within the development known as 2,718-acre integrated industrial development Senai Airport City (SAC).
Its wholly-owned subsidiary Wira Land Development Sdn Bhd has entered the conditional sale and purchase agreement with the vendor, it said, adding that Wira Land’s principal activity is property development.
Senai Airport City Sdn Bhd is a member of MMC Group, which is the master developer of SAC.
SAC also offers 400 acres of Free Zone that caters to export-oriented industries and is connected via a road network encompassing the North-South Expressway and Senai-Desaru Expressway.
Shares in Dominant Enterprise closed unchanged at 86 sen, for a market capitalisation of RM142 million.
Meanwhile MMC Corp’s share price closed up one sen or 0.51% to RM1.97, translating into a market value of RM6 billion.
Source: The Edge Markets