KUALA LUMPUR (April 11): Perak Corp Bhd, via its subsidiary Lumut Maritime Terminal Sdn Bhd (LMT), plans to buy four leasehold plots of land in Manjung from Perbadanan Kemajuan Negeri Perak for RM57 million.

LMT intends to hold the land, measuring 115.31 acres (46.66ha) in total, with the view to develop and construct another port or terminal there, Perak Corp said in a filing with Bursa Malaysia.

The subsidiary currently owns and operates the Lumut Maritime Terminal, while also operates and manages the Lekir Bulk Terminal under an agreement with Lekir Bulk Terminal Sdn Bhd.

Perak Corp said the proposed acquisition will be funded by LMT through internally generated funds and borrowings.

“LMT is currently seeking financing from financial institutions for up to 80% of the total purchase consideration,” it added.

The land purchase is expected to be completed by the second half of 2017.

Shares in Perak Corp were unchanged at RM1.99 in thin trading yesterday, with 18,100 shares traded. It has a market capitalisation of RM199 million.

This article first appeared in The Edge Financial Daily, on April 11, 2017.

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