LBS Bina shares flat after land buy⁠⁠⁠⁠

PETALING JAYA: LBS Bina Group Bhd’s share price remained unchanged this morning following news that it is acquiring 7.98 acres of land in Seri Kembangan from Stratmont Development Sdn Bhd for RM63 million, with plans to develop a RM600 million mixed project.

As at 11.03am, LBS Bina’s share price stood at RM1.97 with 51,100 shares changing hands. It has a market capitalisation of RM1.33 billion.

Yesterday, LBS Bina said its indirect wholly-owned subsidiary Utuh Aspirasi Sdn Bhd had entered into a sale and purchase agreement with Stratmont Development for the acquisition of the vacant leasehold land.

The property developer said the proposed acquisition is in line with the group’s expansion plan and presents an opportunity for the company to enhance the overall existing project plan, while enlarging the group’s land banks in the Klang Valley.