Maybulk's RM35.5m Klang industrial property purchase becomes unconditional
Maybulk Bhd's RM35.5 million acquisition of a freehold industrial property in Bandar Bukit Raja, Klang, has become unconditional after all conditions precedent were fulfilled. The property, fully occupied as a sports complex, comes with a fresh three-year tenancy at RM155,000 a month.
PETALING JAYA (Oct 30): Maybulk Bhd's proposed RM35.5 million acquisition of a freehold industrial property in Bandar Bukit Raja, Klang, has become unconditional. In a Bursa Malaysia filing on Thursday (Oct 29), the group said all conditions precedent under the sale and purchase agreement (SPA) had been fulfilled that day.
Its wholly owned subsidiary, MB Integrated Logistics Sdn Bhd, signed the SPA with Cross Protection (M) Sdn Bhd on Sept 22. The property occupies approximately 8,346 sq m (89,836 sq ft, or 2.06 acres) of land held under H.S.(D) 139766, PT 69193, Mukim Kapar, Klang district, Selangor. It comprises a single-storey industrial building, an annex with a ground-floor office and warehouses on Levels 1 and 2, and a guardhouse.
In a supplementary filing on Sept 24, Maybulk said the property had approximately 67,844 sq ft of lettable space and was fully occupied as a sports complex. The premises would continue to be used for that purpose following the acquisition. The group has signed a fresh three-year tenancy agreement with existing tenant Goteam Sdn Bhd at RM155,000 a month, equivalent to RM1.86 million annually. The agreement is held in escrow and will take effect upon completion of the purchase. The tenancy is renewable for a further three years, with a minimum rental increase of 10 per cent.
Maybulk said the acquisition would diversify its revenue streams and reduce reliance on its shipping and storage and shelving solutions businesses. It expects rental income to begin immediately upon completion. The purchase price matches the RM35.5 million market value disclosed in the original filing, which cited an indicative valuation report by CBRE WTW Valuation & Advisory Sdn Bhd dated Sept 15.
The group plans to finance the acquisition using proceeds from the proposed disposal of separate land in Kapar. It had originally earmarked RM31.26 million of those proceeds for future projects. In its Sept 24 filing, Maybulk said it also intended to use approximately RM6.13 million in projected additional gains from the disposal towards the purchase. The projected gains arise from a lower expected real property gains tax rate and are after accounting for non-controlling interests.
Under the SPA, the RM31.95 million balance purchase consideration is payable to the purchaser's solicitors as stakeholders within three months of the agreement becoming unconditional, with a one-month extension available subject to payment of the agreed interest. Maybulk had earlier targeted completion in the fourth quarter of 2026. The Oct 29 filing did not announce completion or provide a revised target.
