The acquisition price of RM86.08mil was decided after taking into consideration market value of the land of RM41 per sq ft, as indicated by an independent registered valuer. (File picture )
PETALING JAYA: Food seasoning company Ajinomoto (M) Bhd 
plans to develop a manufacturing plant in Bandar Baru Enstek, Negri Sembilan upon completion of the land acquisition in the area for RM86.08mil cash.
In a filing with Bursa Malaysia, the company said it has entered into a sale and purchase agreement with Lembaga Tabung Haji and THP Enstek Development Sdn Bhd, to acquire a 2.03 million sq ft freehold land in Bandar Baru Enstek.
The acquisition price of RM86.08mil was decided after taking into consideration market value of the land of RM41 per sq ft, as indicated by an independent registered valuer.
“The proposed land acquisition is in line with Ajinomoto’s long-term plans of growing its operations and expanding its manufacturing facilities to keep up with the growing demands for its products.
As for the land’s development cost moving forward, Ajinomoto expects it to be funded via internally generated funds and bank borrowings, if required.
The proposed acquisition is expected to be completed by July 31, 2019 and will not require the approval of Ajinomoto’s shareholders or any other government authorities.
The deal is not expected to have any material impact on the earnings and gearing of the company for the current financial year ending March 31, 2018.
