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Westports buys land below sea from PKNS for RM116.19m to expand container terminal

Monday, 17 September 2018 | 00:00

Westports Holdings Bhd is buying a parcel of land below sea, measuring 381 acres (154.2 hectare), off Pulau Indah in Selangor from Perbadanan Kemajuan Negeri Selangor (PKNS) for RM116.19 million cash.

Westports said the purpose of the purchased land is to expand the container terminals 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.

“The utilisation of the proposed land for terminal expansion would be possible only after land reclamation has been carried out. Westports has implemented land reclamation process at its existing Container Terminal 6, 7, 8 and 9,” it said in a filing with Bursa Malaysia today.

Westports said its wholly-owned subsidiary Westports Malaysia Sdn Bhd has today entered into a sale and purchase agreement (SPA) with PKNS to acquire the leasehold land, whose lease expires on Aug 14, 2101.

“Westports did not conduct a valuation on the land as the land is being acquired from PKNS after PKNS conducted an open tender process,” it said.

Shares in Westports rose three sen or 0.81% to close at RM3.75, giving it a market capitalisation of RM12.79 billion.
Source: TheEdgeMarkets

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