Maybulk expects RM1.86m annual rent from proposed Klang property purchase

KUALA LUMPUR (Sept 24): Maybulk Bhd (KL:MAYBULK) said the Bandar Bukit Raja property it proposes to acquire for RM35.5 million is fully occupied and is expected to generate RM1.86 million in annual rent under a fresh tenancy agreement that will take effect upon completion of the purchase.

In a supplementary Bursa Malaysia filing on Thursday (Sept 24), Maybulk said its wholly owned subsidiary, MB Integrated Logistics Sdn Bhd, had entered into the three-year agreement with Goteam Sdn Bhd at RM155,000 a month. The agreement is held in escrow pending completion and may be renewed for a further three years with a minimum 10% increase in rent.

The freehold industrial property comprises a single-storey industrial building and an annexed building. It has about 67,844 sq ft of lettable space, is fully occupied and is currently used as a sports complex. Maybulk said its location could also make it suitable for manufacturing or warehousing.

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Maybulk announced the proposed acquisition on Sept 22. Completion is expected in the fourth quarter of 2026.

The group also said it intends to use about RM6.13 million in projected additional gain from its pending Kapar land disposal to help fund the purchase. The gain, after accounting for non-controlling interests, reflects a lower projected real property gains tax rate because the disposal is now expected to fall in the fourth year after the land’s acquisition, rather than within the first three years.

Maybulk had originally allocated RM31.26 million of the Kapar disposal proceeds for a future project.

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