Maybulk to acquire freehold Klang industrial property for RM35.5m

Maybulk Bhd is buying a freehold industrial property in Bandar Bukit Raja, Klang, for RM35.5 million in cash to expand its industrial property business. The acquisition, expected to complete in Q4 2026, will be funded internally, partly from the proceeds of a proposed land disposal in Kapar.

PETALING JAYA (Sept 22): Maybulk Bhd is proposing to acquire a freehold industrial property in Bandar Bukit Raja, Klang, for RM35.5 million in cash as it expands its industrial property business. The group’s core businesses comprise bulk shipping and storage and shelving solutions.

In a Bursa Malaysia filing on Tuesday (Sept 22), Maybulk said its wholly owned subsidiary MB Integrated Logistics Sdn Bhd had entered into a sale and purchase agreement with Cross Protection (M) Sdn Bhd for the property. The freehold industrial property, registered to vendor Cross Protection, is held under individual title H.S.(D) 139766, PT 69193, in Mukim Kapar, Klang, Selangor. Located at PT 69193, Persiaran Astana/KU2, Bandar Bukit Raja, 41050 Klang, it spans 8,346 sq m, or about 89,836 sq ft, and comprises a single-storey industrial building, an annexed building with a ground-floor office and warehouses on Levels 1 and 2, and a guardhouse.

The purchase consideration is equal to the property’s RM35.5 million market value assessed by CBRE WTW Valuation & Advisory Sdn Bhd on Sept 15 using the cost approach. Maybulk expects to finance the acquisition through internally generated funds, including part of the proceeds from its proposed disposal of two freehold land parcels in Kapar, Klang.

In March, Maybulk’s 60%-owned MBC Logistic Hub Sdn Bhd agreed to sell the Kapar land to WG Malaysia VIII Sdn Bhd for RM278.05 million. The site forms part of a larger land assembly by the buyer for information-technology infrastructure development. Maybulk said it had been seeking opportunities in industrial property to diversify its revenue streams, improve returns on surplus funds and reduce its reliance on its existing core businesses.

A condition precedent under the sale and purchase agreement requires the vendor to procure a new tenancy agreement with the existing tenant and place it in escrow. Maybulk said the acquisition is expected to provide rental income upon completion. The proposed acquisition is expected to be completed in the fourth quarter of 2026. The group said shareholder approval is not required and the transaction is not expected to materially affect its net assets, gearing, earnings or earnings per share for the financial year ending Dec 31, 2026.

None of Maybulk’s directors, major shareholders or persons connected with them has any interest in the transaction.