KUALA LUMPUR, November 21 — Fajarbaru Builder Group Bhd via an associate firm, 320 Queen Street Project Pty Ltd (320-Q), has acquired land, building and plant in Melbourne, Australia for A$25.6 million (RM84.12 million).
Fajarbaru said the acquisition was in line with the group’s objective to acquire and add potential landbank into its property development division.
“The properties development to be undertaken on the land is expected to provide Fajarbaru with a new source of income,” it said to Bursa Malaysia today.
It said 320-Q intended to fund the acquisition through internally generated funds and/or bank borrowings.
“The management of 320-Q will choose the most optimum mix, taking into consideration its gearing level, interest expenses, as well as internal cash requirements for its business operation,” it added.