OTS Holdings OTS has announced the proposed acquisition of a property in Johor, Malaysia through its wholly-owned subsidiary Ellaziq (Malaysia) at a purchase consideration of RM14.3 million ($4.1 million).
The property, which consists of 1.66 hectares of freehold land and a factory unit for food processing, is currently owned by Yong Mei Foodstuffs Manufacturing (M).
OTS says the proposed acquisition is part of its plan to expand business operations and lower manufacturing costs for its halal products.
The purchase will be financed by Ellaziq’s internally generated funds and bank borrowings.
Shares in OTS closed unchanged at 15.8 cents on Nov 28.
