PETALING JAYA: SBH Marine Holdings Bhd is proposing to acquire vacant industrial land measuring 7.228 acres in Seberang Perai Tengah, Penang via a court sanctioned auction for RM18.9mil.
In a filing with Bursa Malaysia, SBH said the proposed acquisition is in line with the group’s mission to enhance its prestige by establishing its corporate offices/ facilities at a strategic location.
Additionally, the company said the acquisition will allow it to generate greater economies of scale, which will create a better value for SBH Group.
“The board noted that the land is situated at a strategic location, approximately 17.5 kilometres to the southeast of Penang Sentral, 24 kilometres to the Butterworth Port, Penang and 36 kilometres to the Penang International Airport.”
SBH said the total purchase consideration of RM18.9mil will be fully satisfied in cash, which shall be financed via a combination of internally generated funds and bank borrowings.
