LBI Capital inks pact to buy land

LBI Capital Bhd's wholly-owned unit, LBR Industries Sdn Bhd, has signed a conditional sale and purchase agreement with Yap Geok Kee Sdn Bhd to acquire four pieces of land in Penang for RM15 million.

In a filing to Bursa Malaysia today, LBI Capital said the acquisition would increase the development land of the group and boost earning.

"The company plans to develop the land into lifestyle retails lots with hotel suites since it's located in a popular tourist belt," it said.

By Bernama