ARK Resources Berhad is seeking shareholders’ approval to acquire three adjoining parcels of industrial land in Penang for RM28 million as part of its strategy to strengthen its landbank for future property development.
In a circular to shareholders, the property developer said its wholly owned subsidiary, KKSB, plans to acquire approximately 107,058 square metres (1.15 million sq ft) of vacant industrial land in Mukim 13, Timur Laut, Pulau Pinang, from BPSSB for a cash consideration of RM28 million.
The proposed acquisition involves three adjoining parcels held under the titles HSM 3558 (Lot 20238), HSD 6981 (Lot 9777) and PN 649 (Lot 3222).
ARK said the acquisition is being undertaken in the ordinary course of its business as a property developer and is intended to enhance the group’s development pipeline by expanding its strategic landbank.
The board has unanimously recommended that shareholders vote in favour of the proposed acquisition at the company’s forthcoming Extraordinary General Meeting (EGM).
