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KUALA LUMPUR (May 9): Master Tec Group Bhd's wholly-owned subsidiary Master Tec Wire & Cable Sdn Bhd (MTWC) has completed the acquisition of a 42.59-acre freehold land in Jasin, Melaka, following the full payment of the balance purchase consideration to the 25 individual vendors yesterday.
The property, held under GRN 66021 Lot 19798, Mukim Jasin, Daerah Jasin, Negeri Melaka, was acquired for RM10.2 million — representing a 0.89% discount to its market value of RM10.3 million as appraised by Henry Butcher Malaysia (Malacca) Sdn Bhd in October 2024.
The acquisition is funded through a combination of internally generated funds and bank borrowings.
The transaction, first announced on Feb 21, 2025 and updated on Sept 8, 2025, was classified as a non-related party transaction under Chapter 10 of Bursa Malaysia's Main Market Listing Requirements.
Master Tec said the acquisition aligns with its strategy to expand its property development and investment business through landbanking, citing the site's prime location within a mature area offering a mix of residential, commercial, healthcare, and educational developments with good highway connectivity.
Master Tec Group is principally involved in the manufacture and distribution of power, control, and instrumentation cables through Master Tec Wire & Cable Sdn Bhd, which recently secured a RM107.75 million supply contract from Tenaga Nasional Bhd for underground cables and conductors.
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