Muhibbah Engineering to buy land in Kuantan for RM26m

KUALA LUMPUR: Muhibbah Engineering (M) Bhd has entered into an agreement with Perbadanan Setiausaha Kerajaan Pahang for the proposed acquisition of a land in Kuantan, Pahang, for RM26.45 million. 

In a filing with Bursa Malaysia, Muhibbah Engineering said the land would be developed into the Kuantan Maritime Hub over 10 years.

The proposed acquisition would be funded with internal funds and there are no liabilities including contingent liabilities and guarantees to be assumed from the proposed acquisition.

"The proposed acquisition provides an opportunity for the MEB group to develop industrial activities for ship building and ship repairs and major fabrication offshore structure.

"This will enlarge the group's maritime and fabrication to enhance the future performance of the group," it said. - Bernama