Teo Seng acquires land in Johor for RM23.6mil

PETALING JAYA: Teo Seng Capital Bhd is acquiring eight parcels of land measuring 104.87 acres of land at Yong Peng, Johor, from Lim Kim Yam & Sons Sdn Bhd and Lim Thiam Hooi for RM23.6mil.

In a filing with Bursa Malaysia, Teo Seng said the land is ideally located in Yong Peng and within a short distance from the existing farming facilities, feedmill operation and other business units of the company.

“This acquisition is in line with Teo Seng’s expansion plan on layer farming business to build a new layer farm equipped with latest and advanced-technology poultry related facilities and biosecurity system.

“With a commitment to sustainability in terms of food security and being part of the main egg producer, the expansion of layer farming operation will further enhance egg supply in domestic and overseas markets and positively contribute to the financial result of the company in the future.”

Teo Seng said the acquisition does not have any material effect on the earnings per share, net assets per share, share capital and substantial shareholders’ shareholding of the group for the financial year ending Dec 31, 2024.