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Tuesday, 1 May 2018

(The Star) Westports to buy Pulau Indah land for RM116.19mil

KUALA LUMPUR: Westports Holdings Bhd’s wholly-owned subsidiary, Westports Malaysia Sdn Bhd (WMSB), has proposed to acquire 154.2ha of leasehold land in Pulau Indah from the Selangor State Development Corp (PKNS) for RM116.19mil.

In a filing with Bursa Malaysia yesterday, Westports said it accepted the letter of offer from PKNS after having successfully bid for the land and will now execute the proposed acquisition.

It said the purchase consideration will be satisfied entirely in cash which will be funded by internally generated funds and bank borrowings.

“The proposed acquisition is for a terminal expansion as the current preliminary port design for Container Terminal 10 to Container Terminal 19 requires additional land acreage to accommodate new wharf and container yard space to facilitate the effective operations of the new container terminals,” said Westports.

The group said the utilisation of the proposed land for terminal expansion would be possible only after land reclamation had been carried out, adding that WMSB had implemented the land reclamation process at its existing Container Terminal 6, 7, 8 and 9.

The proposed acquisition would not have any impact on the share capital and shareholdings of the substantial shareholders of the group as well as any material effect on the net assets, gearing and earnings per share of the group for the financial year ending Dec 31, 2018, it added. — Bernama