KUALA LUMPUR, July 22 — Mynews Holdings Bhd’s wholly owned subsidiary Mynews Retail Sdn Bhd has entered into a sale and purchase agreement (SPA) with Thung Hing Metal Industry Sdn Bhd to acquire 13.5 acres leasehold industrial land in Rawang, Selangor for RM24.70 million.
The convenience store operator said in a Bursa Malaysia filing today that the land purchase with the lease set to expire on Jan 4, 2095 is a strategic investment to support its long-term operational and business expansion plans, particularly the construction of a new distribution centre.
It said the new distribution centre is needed as its existing facility is operating at constrained capacity with insufficient room for future growth.
“Securing the land now lets the company move ahead with construction, address capacity constraints and avoid rising land costs or the shrinking availability of suitable sites, with the new distribution centre expected to enhance supply chain efficiency, strengthen the company’s asset base, and support continued business expansion over the medium to long term,” it said.
Mynews said the purchase consideration was determined on a willing-buyer willing-seller basis after taking into account publicly available transaction data and indicative asking prices of comparable industrial land in the surrounding area.
The acquisition will be financed through a combination of internal funds and bank borrowings, with 15 per cent funded internally and the remainder via borrowings.
It added that the acquisition is not expected to affect Mynews’ share capital and substantial shareholding structure or materially impact the company’s earnings for the financial year ending Oct 31, 2026.
“Barring any unforeseen circumstances, the proposed acquisition is expected to be completed within 12 months from the date of the SPA,” it said.
