SBH Marine buys land in Penang for new corporate office

• The industrial land, located in Daerah Seberang Perai Tengah, is situated along Jalan Perindustrian Bukit Minyak 18 and runs parallel to the North-South Expressway.

KUALA LUMPUR (Jan 16): Frozen seafood products exporter SBH Marine Holdings Bhd (KL:SBH) has acquired a 7.228-acre vacant industrial land in Penang for RM18.9 million, to build its new corporate office.

It bought the land via a public auction, SBH said in a filing with Bursa Malaysia on Thursday.

The industrial land, located in Daerah Seberang Perai Tengah, is situated along Jalan Perindustrian Bukit Minyak 18 and runs parallel to the North-South Expressway.

The leasehold land has 47 years remaining on its tenure, expiring on May 7, 2072. As per the auction conditions, the land must be developed with approved factory buildings within two years of the ownership transfer.

The land was previously owned by Jeenhuat Foodstuffs Industries Sdn Bhd, a company specialising in canned and processed food manufacturing.

SBH plans to fund the acquisition using internal funds and bank borrowings.

At market close on Thursday, SBH shares were up two sen or 8.16% at 26.5 sen, giving the company a market capitalisation of RM235.32 million.

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