KUALA LUMPUR (May 8): Harbour-Link Group Bhd, which is involved in shipping and integrated logistics services, is buying three pieces of vacant industrial lands in Telipok, Kota Kinabalu, Sabah for RM8.5 million cash.

In a filing with Bursa Malaysia, Harbour Link said its wholly-owned subsidiary Harbour-Link Logistics Sdn Bhd (HLL) has entered into a conditional sale and purchase agreement with three vendors, namely Loh Hien Khong, Loh Hien Khiong and Wong Kin Nyuk, on Monday (May 8).

HLL is acquiring a land plot measuring 2,761.8 square metres (sq m) for RM2.06 million, a 4,100.6 sq m land for RM3.05 million, and another 4,720.4 sq m land for RM3.39 million.

Harbour-Link said that the acquisition of the leasehold lands shall be satisfied entirely by cash via its internally generated funds.

“The acquisition is to cater for the expanding shipping and marine division activities which shall form part of the group’s ongoing business expansion plans,” Harbour-Link said.

“The land will be used as the container depo, and will be for internal use and rental to external party,” it added.

The acquisition is expected to be completed by the fourth quarter of 2023 (4Q2023).

 Harbour-Link’s share price closed one sen or 0.84% higher at RM1.20 on Monday, valuing the group at RM480.48 million.