Karyon Industries completes RM8.61m acquisition of Johor factory and industrial land

Karyon Industries Bhd has completed the RM8.61 million cash acquisition of a freehold detached factory on industrial land in Bandar Seri Alam, Johor. The purchase, conducted via its subsidiary Hsing Lung Sdn Bhd, was funded through internal funds and bank borrowings.

PETALING JAYA (Sept 29): Karyon Industries Bhd, a manufacturer of PVC compounds and industrial chemical products, has completed its RM8.61 million acquisition of freehold industrial land and a detached factory in Bandar Seri Alam, Johor, through its wholly owned subsidiary Hsing Lung Sdn Bhd.

In a Bursa Malaysia filing on Monday (Sept 28), Karyon said the acquisition from Tanah Temasik Sdn Bhd was completed in accordance with the sale and purchase agreement signed on July 2. The property comprises approximately 3,587.24 sq m of freehold industrial land and a detached factory at No. 10 Jalan Masai Lama, Bandar Seri Alam, 81750 Masai, Johor. It is held under title H.S.(D) 208324, PTD 110015, in Mukim Plentong, Johor Bahru.

The RM8.61 million cash consideration was RM190,000, or about 2.2 per cent, below the RM8.8 million market value ascribed to the property by VPC Alliance (JB) Sdn Bhd as at June 22. According to Karyon's July announcement, Hsing Lung intended to use the site as a manufacturing facility and warehouse. Karyon had said it planned to fund the purchase with RM2.61 million in internally generated funds and RM6 million in bank borrowings.