KUALA LUMPUR: OKA Corp Bhd's subsidiary Oka Concrete Industries Sdn Bhd has inked a deal to acquire a tract of vacant land in Mukim Senai in Kulai, Johor, for RM14.24mil.
In its filing with Bursa Malaysia, the manufacturer of pre-cast concrete products said the land measures 3.5764ha and is adjacent to the present Oka Concrete Industries factory in Senai.
It named the vendors of the land as Hoe Siew Meng and Hoe Teck How.,
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The group said the property will be used by Oka Concrete Industries for the expansion of its operations in anticipation of future business growth in the southern region.
"The proximity of the property to the existing operations was a factor in the decision to acquire the property in preference to alternative sites," it said.
The proposed acquisition is proposed to be funded by internally generated funds and/or bank borrowings of Oka Concrete Industries.