- Scientex‘s wholly-owned subsidiary Scientex Quatari has acquired 130.4 hectares of freehold land in Pulai, Johor Baru, for RM219 million from two vendors. The land is located near the company’s integrated township development in Skudai.
- Despite the current dampened market sentiment, the company remained optimistic of sustained demand for residential properties in Johor.
- The acquisitions are expected to be completed in 4Q15, pending approvals from the shareholders at the company’s upcoming EGM and authorities.
Significance: Revenue for 3Q14 grew 6.7 percent to RM455.3 million from RM426.8 million previously, driven by higher revenue by the manufacturing segment comprising sales of consumer packaging films and enhanced by the affordable residential projects in Johor.
Contributed by Shares Investment
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