JHM buys land in Sg Petani for RM2.97m

JHM Consolidated Bhd is buying industrial land in Sungai Petani, Kedah for RM2.97 million to build a precision metal stamping factory.

This deal works out to be RM15 per sq ft.

In its filing to the stock exchange on Friday, JHM said the land is owned by Perbadanan Kemajuan Negeri Kedah and leased to Oxford Prestige Sdn Bhd (OPSB) until 4 March 2050.

This Agreement is conditional upon OPSB obtaining the written consent from PKNK for the sale of the land.

So far, JHM has not appoint an architect and is therefore unable to finalise the construction cost of the factory.

Should the construction of the factory commence in the first quarter of 2014, the factory is expected to be completed by 2016.