KUALA LUMPUR: LTKM Bhd is acquiring a 5.76-acre land in Klang for RM9.29 million cash as the site of its processed glass manufacturing plant.

The company told Bursa Malaysia on Dec 3, its wholly owned Lumiglass Sdn Bhd had entered into a sale and purchase agreement (S&P) with Kemas Realty Sdn Bhd for the acquisition of the vacant, freehold industrial land.

The purchase consideration of RM37 per sq ft was arrived at on a willing-buyer willing-seller basis taking into consideration present market value and suitability of other lands in the surrounding areas, it said.

LTKM said the purchase would be financed by internally generated funds and the site would be used by Lumiglass to build a factory building to accommodate its processed glass manufacturing plant.

“This will enable progressive expansion of the operations in the longer term as the factory will be built to requirements,” the company said, adding that the acquisition was expected to be completed by March 31, 2010.