PETALING JAYA: Maybulk Bhd is proposing to acquire a piece of freehold industrial land measuring approximately 8,346 sq metres in Klang, Selangor from Cross Protection (M) Sdn Bhd for RM35.5mil.
In a filing with Bursa Malaysia, Maybulk said the land consists of a single-storey industrial building, together with an annexed building with an office on the ground floor, warehouse at Level 1 and Level 2, and a guardhouse.
“The group has been looking for opportunities to venture into industrial property business to diversify its revenue streams.
“This is intended to improve returns from the group’s surplus funds and to mitigate the risk of overdependence on its existing core business of shipping bulkers business, and storage and shelving solution business.”
Maybulk said the proposed acquisition signifies the group’s continuous involvement in the industrial property business and upon completion, it will immediately receive rental income.
“The group plans to reinvest part of the proceeds from the disposal to finance the proposed acquisition,” it said.
