CLSB to acquire land to set up hub in Malacca

PETALING JAYA: Complete Logistic Services Bhd has proposed to acquire 4.4 acres of freehold land in Malacca from Perbadanan Kemajuan Negeri Melaka (PKNM) for RM5.75 million or RM30 per square foot.
In a filing with Bursa Malaysia today, the company said its wholly-owned subsidiary Guper Resources Sdn Bhd has entered into a sale and purchase agreement (SPA) with PKNM for the proposed acquisition of the vacant land known as Plot 5 Phase 1 in Jasin, Malacca.
The company plans to set up a hub in the area to support its logistics operation for servicing customers in the surrounding areas.
The proposed acquisition will be fully satisfied in cash, funded by internally generated funds and bank borrowings. It is expected to be completed within three months from date of the SPA.
The company’s share price closed unchanged at 87.5 sen today with a total of 45,000 shares traded, giving it a market capitalisation of RM108.29 million.