In a filing with Bursa Malaysia, Hubline said it entered into a shares sale agreement with one of APSB’s directors, Pau Chiong Ching, for the proposed acquisition of 1.5 million APSB shares yesterday.
“With the current shortage of similar properties which match our specific requirements in the area, Hubline has decided to purchase a majority stake in APSB,” it said.
Hubline pointed out that its subsidiaries currently occupies APSB’s warehouse as well as 30% of its office space for dry bulk shipping business operations.
“The purchase consideration will be financed via internally generated funds and/or bank borrowings, and the proposed acquisition is expected to be completed by the fulfillment of the conditions set out in the agreement, estimated to be in March next year,” it said.
APSB is principally involved in investment holdings, including property investments, and owns two parcels of land worth RM38mil in Miri, Sarawak. — Bernama
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