Paramount (KLSE:PARAMON) unit Prima Kuasa agreed to acquire three contiguous parcels of leasehold land worth 113.5 million ringgit, according to a Wednesday Malaysian bourse filing.
Shares gained 1% in Thursday's late afternoon trade.
The land, spanning about 48.489 acres in Selangor, Malaysia, is owned by SJ Properties.
The acquisition is subject to regulatory and vendor approvals and is expected to be completed within 12 months.
The company will fund the deal via a mix of internal funds and bank borrowings, it said.
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