PETALING JAYA: Shin Yang Group Bhd
is acquiring a 5.37-ha parcel of leasehold industrial land off Sepanggar Bay, Kota Kinabalu, Sabah, together with a workshop building, for RM26.6mil from a related company, Shin Yang Sdn Bhd.
The deal, inked via its wholly owned subsidiary Shin Yang Shipping Sdn Bhd, “was arrived at on a willing buyer, willing seller basis, supported by an independent valuation,” the group said in a filing to Bursa Malaysia.
“The purchase aims to support warehouse expansion and logistics development for door-to-door services as an integrated logistic service provider, while also reducing rental dependency by owning rather than leasing the facility.”
Funded entirely through internal resources, Shin Yang Group expects the acquisition to contribute positively to future earnings, adding that barring unforeseen circumstances, the transaction is targeted for completion by the fourth quarter of financial year 2025.
