Perak Corp to buy land in Manjung for RM57m

PETALING JAYA: Perak Corp Bhd proposes to acquire four lots of land in Manjung, Perak, for RM57 million, in a related party transaction.
It told Bursa Malaysia that its 50% + one share subsidiary Lumut Maritime Terminal Sdn Bhd (LMT) had entered into a sale and purchase agreement with Perbadanan Kemajuan Negri Perak for the acquisition.
Perak Corp said LMT intends to hold the property as landbank with the view to develop and construct another port/terminal on the land to strengthen its core competencies of port operations.
At this stage, it is premature to ascertain the details of the development of the proposed port/terminal and the total development cost.
Perak Corp said LMT will use internally generated funds and bank borrowing to finance the purchase. It is seeking financing from financial institutions for up to 80% of the purchase price.