MMAG to buy Penang land for RM41mil

  • Logistics
  • Saturday, 19 Oct 2019

KUALA LUMPUR: MMAG Holdings Bhd has agreed to purchase two parcels of contiguous industrial land in Sungai Bakap, Penang from Dynaciate Group Bhd for RM41mil to expand its logistics business.

The company, which owns Line Clear Express & Logistics Sdn Bhd, told the stock exchange yesterday that it will develop a regional hub and warehouse on the 5.1 hectare site.

“Currently, there are buildings erected on the land. MMAG intends to refurbish the buildings into a regional hub-cum-warehouse to cater for the group’s logistics business,” it said.

The new warehouse, MMAG said, will increase Line Clear’s warehouse and storage land area from current 726,097 sqf to up to 1,276,022 sqf.

Currently, the group has a warehouse-cum-office in Subang Jaya, as well as 45 branches and depots throughout Malaysia.

In a separate filing with Bursa Malaysia today, Dynaciate said proceeds from the disposal will be used as working capital and future acquisitions.

Prior to the disposal, Dynaciate had closed down its steel manufacturing operations at the site to make way for a proposed industrial park project.

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