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KUALA LUMPUR: Hubline Bhd is acquiring two parcels of leasehold land and buildings in Miri for RM15 million from Many Plus Realty Sdn Bhd.
Its unit Hubline Logistics Sdn Bhd had signed two sales and purchase agreements with Many Plus Realty on Friday, July 23 for the acquisition.
The first piece of land, sized 6,074 sq m (1.5 acres), includes a warehouse and a single-storey workers' hostel. It is being rented and occupied by Hubline’s subsidiaries as workshop/warehouse, storage and repair centre for the group’s vessels for RM32,000 per month.
Its market value is RM7.3 million based on valuation report dated June 16 issued by the independent valuer, Messrs VPC Alliance (Sarawak) Sdn Bhd using the Cost Approach. Its audited net book value as at Sept 30 last year was RM3.07 million.
The second parcel has a block of three-storey shophouse (total eight units) and a two-storey industrial shoplot. It is rented out to Hubline’s subsidiaries for storage yards and also to various other tenants for RM 31,900 per month.
Based on valuation report dated June 16 issued by the independent valuer, Messrs VPC Alliance (Sarawak) Sdn Bhd using the Cost Approach, the current market value was RM8.5 million. Its audited net book value as at September 30 last year was RM4.9 million.
The two pieces of land are mixed-zone land and has a river frontage with an adjoining jetty along Sungai Miri. The usage of the buildings will remain unchanged after the completion of the acquisition expected in 4QFY2010.
"The acquisition will ensure continuity of land use, the location of which is favourable to the operations and will avoid events or circumstances beyond the group’s control, amongst others, inability to renew its lease agreement on the Properties with the new leaseholder if the properties are being sold to a third party," the company added.
Many Plus Realty is a property investment company. It has an authorised share capital of RM5 million comprising 5 million shares of RM1 each, with current issued and paid-up share capital of RM2.5 million of 2.5 million shares.
Its unit Hubline Logistics Sdn Bhd had signed two sales and purchase agreements with Many Plus Realty on Friday, July 23 for the acquisition.
The first piece of land, sized 6,074 sq m (1.5 acres), includes a warehouse and a single-storey workers' hostel. It is being rented and occupied by Hubline’s subsidiaries as workshop/warehouse, storage and repair centre for the group’s vessels for RM32,000 per month.
Its market value is RM7.3 million based on valuation report dated June 16 issued by the independent valuer, Messrs VPC Alliance (Sarawak) Sdn Bhd using the Cost Approach. Its audited net book value as at Sept 30 last year was RM3.07 million.
The second parcel has a block of three-storey shophouse (total eight units) and a two-storey industrial shoplot. It is rented out to Hubline’s subsidiaries for storage yards and also to various other tenants for RM 31,900 per month.
Based on valuation report dated June 16 issued by the independent valuer, Messrs VPC Alliance (Sarawak) Sdn Bhd using the Cost Approach, the current market value was RM8.5 million. Its audited net book value as at September 30 last year was RM4.9 million.
The two pieces of land are mixed-zone land and has a river frontage with an adjoining jetty along Sungai Miri. The usage of the buildings will remain unchanged after the completion of the acquisition expected in 4QFY2010.
"The acquisition will ensure continuity of land use, the location of which is favourable to the operations and will avoid events or circumstances beyond the group’s control, amongst others, inability to renew its lease agreement on the Properties with the new leaseholder if the properties are being sold to a third party," the company added.
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