PETALING JAYA: JAG Bhd is proposing to acquire a piece of freehold land in Shah Alam, Selangor, measuring 15,016 sq m from Japan-based Kobe Steel Ltd for RM36.89mil.

In a filing with Bursa Malaysia, the company said the proposed acquisition forms part of the group’s strategy to expand its total waste management business division and develop additional processing capabilities for emerging industrial waste streams.

“In addition to increasing the group’s existing processing and storage capacities, the land is intended to support the establishment of new processing lines and supporting facilities for the treatment, dismantling, segregation, recycling and recovery of materials from end of life equipment.”

The company added it had entered into binding agreements to subscribe for 60 million new ordinary shares in Australian-listed Metal Bank Ltd at A$0.01254 per share under a private placement.

The subscription, valued at A$752,400 (approximately RM2.15mil), represents about 6.17% of Metal Bank’s enlarged share capital of 971.84 million shares.

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