Spritzer buys agriculture land in Taiping for RM 76.11 million to set up new mineral water plant

Spritzer Bhd is acquiring an agriculture land near its existing mineral water plant in Air Kuning, Taiping for RM76.11 million, to set up a new plant.

The group said the 1,228-acre land, planted with oil palm trees, belongs to Trong Oil Palm Estates Sdn Bhd.

“The property is strategically located at Bukit Gantang, Perak, which can be easily accessed from the North South Expressway via the Changkat Jering Interchange and the West Coast Expressway via the proposed Trong Interchange.

“Its proximity to these two expressways makes it an ideal site for a mineral water plant, where its products can be efficiently transported to all the places along the expressways,” said Spritzer in a bourse filing.

Upon set up of the mineral water plant, the acquisition is expected to contribute positively to the group’s future earnings, it added.

The cash acquisition, which is expected to be completed by the fourth quarter of 2021, will be funded by internally-generated funds, Spritzer said.

Spritzer’s share price closed down three sen or 1.51% at RM1.96 today, valuing the group at RM412 million. The counter saw 98,800 shares traded.

 Source: The Edge Markets