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KUALA LUMPUR: Ingenieur Gudang Bhd (IGB), formerly known as Dynaciate Group Bhd has proposed to acquire 9.32 acres of leasehold industrial land for RM30.45 mil in Bandar Puncak Alam, Selangor.

In a filing with Bursa Malaysia, IGB said its wholly-owned subsidiary, Magnitude Resources Sdn Bhd, has entered into a conditional sale and purchase agreement (SPA) with Yuwang Development Sdn Bhd (YDSB) and Global Bloom Sdn Bhd (GBSB) for the acquisition.

IGB intends to develop the said land into warehouse storage space targeting the courier and logistics market players in view of the strategic location of Puncak Alam.

The proposed acquisition is subjected to the approval of shareholders and is expected to be completed by the third quarter of 2024.

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IGB executive director Melvin Lim said the group is aggressively looking to make headways into the property investment market as it has stronger demand and commands better margins.

“IGB is continuously sourcing new land banks or properties at accessible locations that have development potential.

“In the future, we hope to generate good profits for the group from a combination of recurring rental income as well as property appreciation value,” he said in a separate statement.

Bursa Malaysia, in a statement, said IGB’s securities will be traded and quoted under the new name with effect from Aug 3. The company’s stock code remains unchanged.