KUALA LUMPUR (Feb 24): UOA Development Bhd is acquiring a property development company that owns 9.4 acres of freehold land in Sri Petaling, for RM61.06 million.

“The land is expected to be used for mixed development with a residential focus complemented by some commercial elements. The total gross development value is estimated to be RM1 billion,” the group said in a filing with Bursa Malaysia.

UOA Development said it will pay cash from internally-generated funds for the acquisition of Cosmo Housing Development Sdn Bhd.

It added that the acquisition is expected to contribute positively to its earnings when the development of the land commences.

UOA Development's share price closed up four sen or 1.56% at RM2.61 yesterday, with a market capitalisation of RM4.49 billion. — theedgemarkets.com

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