PJBumi Bhd has received a conditional development order from the Sungai Petani Municipal Council for its 4.6-acre industrial land in Sungai Petani, Kedah.

The proposed development includes 24 units of smart medium industrial factories with an estimated gross development value (GDV) of RM42 million.

The construction period is set at 18 months, and the company's directors believe the development is in the best interest of the group, considering its potential financial contribution to earnings.

As of the latest market close, PJBumi's shares were up 1.73% at 88 sen, with a market capitalisation of RM72.16 million.