Carimin Petroleum (KLSE:CARIMIN) unit Sri Borneo Energy agreed to acquire leasehold land and buildings in Sarawak, Malaysia, for 21.1 million ringgit in cash, according to a Wednesday filing with Bursa Malaysia.

The property comprises 7.2 hectares of leasehold land, an administrative office, factory, fabrication shops, a galvanizing plant and related facilities. The land lease runs through Nov. 6, 2049.

Sri Borneo Energy plans to use the property for manufacturing, fabrication, assembly and galvanizing of metal products, subject to necessary approvals.

The acquisition is expected to be completed within 12 months, it said.