Sealink sells Miri land for RM26.5m, expects RM19m gain

TheEdge Tue, Oct 02, 2018 10:16am - 5 years View Original


KUALA LUMPUR: Sealink International Bhd is selling a 1.94ha land in Miri to an indirect wholly-owned unit of Cahya Mata Sarawak Bhd (CMS) for RM26.5 million.

The marine vessel charterer said its unit, Sealink Sdn Bhd, yesterday inked an agreement with CMS Cement Industries Sdn Bhd, which is acquiring the land located 5.2km north-east of Miri.

Specifically, it is an “industrial purposes” land situated at Piasau Industrial Estate — with the land tenure expiring on June 11, 2036 — which is accessible from three directions via tar-sealed roads.

While it is unclear how much Sealink’s investment cost to acquire the land was, the group said the expected gain from the sale to CMS is about RM19 million, based on the net book value as per audited accounts for the year ended Dec 31, 2017.

Proceeds of the sale — expected to be completed in the first quarter of 2019 — will be used for loan settlement relating to the property, as well as working capital, said Sealink.

Shares in Sealink International closed half a sen or 3.33% higher at 15.5 sen yesterday, with a market capitalisation of RM75 million.

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