Riverstone acquires 7.4 ha of industrial land in Perak, Malaysia for RM17.6m

RIVERSTONE Holdings' AP4 : AP4 0%wholly-owned subsidiary has acquired 6 parcels of leasehold industrial lands in Perak, Malaysia from I-R & D Sdn Bhd and I-Berhad for RM17.6 million (S$5.7 million).

The 6 parcels of lands - which are located at the Kamunting Industrial Estate - have a total land area of approximately 7.4 ha, Riverstone said in a bourse filing on Monday (Mar 21).

The acquisition was funded from internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group for the financial year ending Dec 31, 2022, it added.

The purchase consideration was arrived at based on commercial negotiation on a willing-buyer-willing-seller basis, taking into account the market value of similar properties in the area.

The glove manufacturer said the acquisition of the industrial parcels is to "support the expansion of production capacity for gloves and the group's operations".

"None of the directors of substantial shareholders of the group has any interest, direct or indirect, in the acquisition of industrial land, save through their shareholding in the company".

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Shares of Riverstone closed at S$0.995, down S$0.055 or 5.2 per cent, on Monday.