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PETALING JAYA (April 2): Topmix Bhd (Topmix) plans to acquire two parcels of industrial land in Johor for a total cash consideration of RM18.97 million, according to a filing with Bursa Malaysia yesterday (April 1).
The acquisition will be undertaken by its wholly owned subsidiary, Topmix Resources Sdn Bhd.
Transaction structure
Topmix said its subsidiary had on Tuesday (March 31) entered into two separate conditional sale and purchase agreements (SPAs) with Kesas Kenangan Sdn Bhd, a subsidiary of S P Setia, the developer behind the 4,000-acre Setia Eco Gardens & Setia Business Park ecosystem where the two pieces of land are located.
The agreements involve:
*Two pieces of freehold vacant land
*Located in Mukim Pulai, Johor Bahru, Johor
*Each parcel to include a detached factory to be constructed
Asset breakdown
Land 1
*Size: 5,058.6054 sq m
*Consideration: RM9.485 million
*Includes: Detached factory to be erected
Land 2
*Size: 5,058.8217 sq m
*Consideration: RM9.485 million
*Includes: Detached factory to be erected
Total consideration
*Combined purchase price: RM18.97 million
*Payment method: Entirely in cash
Transaction status
Topmix said the acquisitions are conditional upon the terms set out in the respective SPAs.
Filing reference
The announcement was made under Chapter 10 (Non-Related Party Transactions) of Bursa Malaysia’s Listing Requirements and is dated yesterday (April 1).
Shares of Topmix Bhd held steady at RM0.47 this morning (Thursday, April 2) following its RM18.97 million industrial land acquisition in Johor.
As of 10:30 am, the counter was unchanged from its April 1 close with 40,700 shares traded. The current price sits 9.6% below its 52-week high of RM0.52 (reached March 5), though it maintains a 17.5% one-year gain.
With a market capitalisation of RM185.11 million and a P/E ratio of 10.33x, the group recently completed a dividend payout on March 17. Technically, the stock is testing support after dipping below its 50-day moving average on March 31, following a 29.56% volume spike just prior to the announcement.
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