KUALA LUMPUR (Dec 20): Property developer JAG Bhd is buying a piece of freehold land in Klang for RM14.4 million for future development.

The exact use of the land, measuring 16,720 square metres, has yet to be determined, JAG said in a filing to Bursa Malaysia.

The purchase, from Hwee Seng & Co Sdn Bhd, will be financed through a combination of internally-generated funds, fundraising exercise and bank borrowings, the group said.

“Barring any unforeseen circumstances, the proposed acquisition of land is expected to be completed in the second quarter of 2019,” it added.

JAG’s share price closed unchanged at 40 sen yesterday, valuing the group at RM60.62 million. The counter saw 1.53 million shares traded. — theedgemarkets.com

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