Mycron Steel Bhd’s wholly owned subsidiary, Melewar Steel Tube Sdn Bhd, has signed a conditional sale and purchase agreement with Melewar Industrial Group Bhd to acquire a leasehold industrial property in Shah Alam, Selangor, for RM30 million in cash.
In a filing with Bursa Malaysia, Mycron said the property comprises an industrial land parcel with a single-storey detached factory, a single-storey annexed office, and several supporting ancillary buildings.
The steel manufacturer said the acquisition is expected to strengthen the group’s operational flexibility, allowing it to better plan and support future business expansion while reducing rental-related costs.
The company added that the property’s strategic location in Shah Alam would help minimise operational disruptions and may also offer long-term value appreciation.
The proposed acquisition remains subject to several conditions, including shareholder approval at the company’s upcoming extraordinary general meeting (EGM).
Barring unforeseen circumstances and pending all necessary approvals, the deal is expected to be completed in the fourth quarter of 2026.
Kenanga Investment Bank Bhd has been appointed as the principal adviser for the proposed acquisition.
