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KUALA LUMPUR (Nov 20): MMAG Holdings Bhd is buying Active Trio Deluxe Sdn Bhd which owns a 18,381 sq m parcel of industrial land in Seri Alam Industrial Park, Klang, Selangor for RM12.67 million cash.
In a filing with Bursa Malaysia today, MMAG said the proposed acquisition will facilitate its wholly-owned subsidiary Line Clear & Logistics Sdn Bhd's future courier and logistics storage and warehousing needs in the area of Kapar. Line Clear may also use part of this land to carry out its sea freight business in future, it added.
MMAG said its wholly-owned subsidiary Ingenuity Microsystems Sdn Bhd has signed a share sale agreement with Active Trio's sole shareholder Yong Mong Huay for the proposed acquisition.
The market value of the freehold land is RM13 million, according to a valuation carried out by independent valuer IPC Island Property Consultants Sdn Bhd on July 23.
With the proposed acquisition, the group's warehouse/storage land area will increase to 601,000 sq ft, from 403,000 sq ft.
The proposed acquisition will be satisfied by cash from proceeds of MMAG's conversion of irredeemable convertible preference shares and borrowings, the filing said.
"Barring any unforeseen circumstance, the board of directors expects the proposed acquisition to be completed by Feb 28, 2019," MMAG added.
Shares of MMAG were untraded today. It last closed at 25 sen on Nov 15, for a market capitalisation of RM158.69 million. — theedgemarkets.com
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