Plytec Holding Bhd has applied for up to RM7,520,000 in banking facilities to part-fund a RM6,208,127.50 freehold land purchase in Kuala Langat, Selangor, and the estimated premium for converting the site from agricultural use, according to its 7 September 2026 Bursa Malaysia query reply, which was reported by EdgeProp on 8 September 2026.
The buyer is Plytec Formwork System Industries Sdn Bhd, a wholly owned unit of Plytec. It signed the sale and purchase agreement with J.P. Lim & Sons Sdn Bhd on 3 September 2026 for Geran 33014, Lot 2613, Mukim Tanjong Duabelas, Daerah Kuala Langat, the company said in its initial Bursa announcement. The site measures 1.9551 hectares, or about 4.83 acres, and is vacant freehold land.
On land area, the price is about RM29.51 psf. The calculation is RM6,208,127.50 divided by about 210,395 sq ft, using 4.83 acres at 43,560 sq ft per acre. That is the simple land-cost number in the deal; it does not include the conversion premium or any later development cost.
The location detail is narrow but important. The filings place the parcel in Mukim Tanjong Duabelas, while The Star, citing the same Bursa disclosure on 4 September 2026, described it as land in Olak Lempit. Either way, the point is operational rather than promotional: Plytec said the site is close to its existing facility and manufacturing plant.
The funding plan is also now clearer. Plytec expects about RM5,590,000, or 90% of the purchase price, to come from proposed bank borrowings, with RM620,812.75 from internal funds. For the conversion premium, estimated at about RM2,150,000, the company is planning another 90% debt portion of about RM1,940,000 and RM215,050 from internal funds. That brings the estimated funding requirement for the acquisition and conversion to about RM8,360,000, split between up to RM7,520,000 in bank borrowings and RM835,862.75 internally.
The bank application had not been approved and no letter of offer had been issued as at 7 September 2026. The balance purchase consideration is due within 120 days from the sale and purchase agreement date, with an automatic 30-day extension. The conversion premium is payable only if the Selangor State Authority approves the conversion.
The company has described the purchase as land for longer-term expansion and future operational needs, not a new property development launch. If the facilities fall short, Plytec said it would use internal funds or other financing sources for the difference.
