Leap-Market Uni Wall to pay RM445m for Labu land

LEAP-Market listed Uni Wall APS Holdings Bhd plans to acquire two adjoining parcels of freehold land in Labu, Negri Sembilan, for RM445 million, from a Negri Sembilan statutory body with a view to turn it into an industrial and mixed development to be known as NS International Tech Park.

In an exchange filing yesterday, it said its 70%-owned subsidiary, NS Aero City Sdn Bhd, has entered into a conditional sale and purchase agreement with NS Corp for the proposed acquisition of two parcels measuring close to 1,281.8 acres (518.73ha).

The land is situated within a new growth area located in Negri Sembilan under the Malaysia Vision Valley 2.0, it added.

The filing noted that there was an express condition stating that the land must be used only for long-term palm oil plantations.

It added that a secondary school known as SJKT Ladang Kubang will be carved out from the deal.

As part of the development, the group said it has signed several memoranda of collaboration with strategic partners who will purchase parcels of the land from NS Aero City.

They include Astrom Training Solutions Inc, a Canada incorporated company, with its principal activity being the provision of aviation training solutions, i.e., virtual reality flight training simulations utilised by flight schools to provide training to its students.

The other company is Sun Solutino Pte Ltd, a company incorporated in Singapore, with its principal activities being management consultancy, private equity and real estate investment. — TMR / pic source: uniwall.com.my