Riverstone Holdings has, through its wholly-owned subsidiary Riverstone Resources, acquired a piece of industrial land at No. 17, Jalan Jasmine 3, Kawasan Perindustrian Bukit Beruntung, Selangor, Malaysia for a consideration of RM5 million ($1.6 million)

The land measures about 6,740.76 sqm (or 72,557 sqft) and was purchased to support the expansion of the group’s operations, as well as the expansion of of production capacity for cleanroom gloves.

SEE: DBS upgrades Riverstone Holdings to 'buy' after share price correction

The purchase consideration was arrived at on a “willing buyer, willing seller” basis taking into account the market value of similar properties in the area.

The acquisition will be funded from internal resources and will not have any material impact on the group’s earnings per share or net tangible assets for the current financial year ending Dec 31.

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Shares in Riverstone closed 1 cent higher or 0.7% up at $1.50 on Jan 19.