Malakoff buys NSTP's property in Port Klang for RM25mil

KUALA LUMPUR: Malakoff Corp Bhd said a unit, Alam Flora Environmental Solutions Sdn Bhd has entered into a RM25mil deal to buy a property in Port Klang from The New Straits Times Press (Malaysia) Bhd, a subsidiary of Media Prima Bhd.

The 5.77 acres of leasehold industrial land houses two warehouses.

The deal was deemed a related party transaction as Tan Sri Syed Mokhtar Albukhary is a major shareholder in both Malakoff and Media Prima.

"The Proposed Land Acquisition will enable Alam Flora to proceed with the proposed development of a recovery facility as an off-site facility to handle various types of waste and to expand its environmental business segment in line with its strategic plan," Malakoff said.