Yee Lee's units to acquire land for RM25.9 million

• Vendor: Panaheights Development Sdn Bhd
• Purchaser: Canpac Sdn Bhd and Yee Lee Trading Co. Sdn Bhd
• Location: Ulu Selangor
• Land Area: 9.62 acres
• Tenure: n/a
• Category: Industrial
• Consideration: RM25.9 million
• Price PSF: RM62 psf
• DO Approval: n/a

KUALA LUMPUR, Sept 27 -- Yee Lee Corporation Bhd's subsidiaries Canpac Sdn Bhd and Yee Lee Trading Co. Sdn Bhd are acquiring 9.62 hectares of land in Ulu Selangor for RM25.9 million from Panaheights Development Sdn Bhd.

The parties inked a Sale and Purchase Agreement for the purpose today, according to a filing to Bursa Malaysia on Friday.

"The acquisition is intended for the construction of an aerosol can factory and a regional distribution centre for future expansion as this land is strategically located near the Sungai Bunga Interchange and Toll Plaza on the North-South Expressway," the company added.

Yee Lee said the company will fund the acquisition with internally generated funds and/or bank borrowings.

It said the exact mix will be decided after taking into consideration the group's gearing level, interest costs and internal cash requirements for its business operations.

Source: http://bernama.com/en/news.php?id=1772394