Malaysian Bulk Carriers Berhad has joint ventured with Golden Valley Sdn Bhd for the proposed acquisition of 23.48 hectares of freehold land in Kapar, Klang for a total cash consideration of RM165 million as the group looks to diversify its business plans.
The acquisition will be done through its subsidiary MBC Logistic Hub (which is currently a wholly-owned subsidiary of MBC and pursuant to the terms of the SSA, shall be a 60%-owned subsidiary of MBC), which had entered into the SPA with Kapar Land Sdn Bhd to acquire the land.
MBC had also entered into the SSA with Golden Valley Sdn Bhd as joint partners for the subscription of new ordinary shares in MBC Logistic Hub, where MBC Logistic Hub shall become a 60%-owned subsidiary of MBC, while GVVSB shall hold the remaining 40% of the equity in MBC Logistic Hub, and the SSA shall regulate their rights as the shareholders of MBC Logistic Hub.
Upon completion, the group plans to change the name to Maybulk Berhad as it looks to property development as part of its diversification plan, MBC is currently involved in the business of ownership and operation of vessels as well as ship management. The Proposed Acquisition it said is in line with the Group’s aim to venture into the Industrial Property Business as an additional revenue source to reduce the dependence on its existing shipping business.
