TTJ unit to acquire property and equipment for S$12m in Johor

TTJ Holdings' wholly owned indirect unit has inked an agreement to acquire land and assets in Johor and equipment including cranes and a fixed plant for a total RM38 million (S$12.2 million) from Air Products Specialised Process Equipment Sdn Bhd.

The leasehold land zoned for industrial use in Malaysia's southern state spans 4.9 hectares; the acquisition will also include two single-storey factories, a double-storey office block and a single-storey canteen that are erected on the land.

The company said that the proposed acquisitions will enable it to "enjoy savings in terms of labour costs" and it plans to fund the acquisitions by internal resources and bank borrowings.

The purchase consideration for the land and assets is RM32 million, and for the equipment is RM6 million.