KUALA LUMPUR, Aug 6 -- Tiong Nam Logistics Holdings Bhd's unit, Tiong Nam Logistics Solutions Sdn Bhd (TNLS), has signed two sale and purchase agreements with Senai Airport City Sdn Bhd to acquire two plots of vacant land for RM136.4 million.
In a filing with Bursa Malaysia today, Tiong Nam said the land spanning some 20.23 hectares is located within the Free Commercial Zone in Senai Airport City in Johor Bahru, Johor.
“The land will be used for the construction of a warehouse with a built-up area of about 1.09 million square feet. The total warehouse construction cost is estimated at RM200.02 million.
“Tiong Nam Group’s warehouse capacity will be increased upon completion of this warehouse construction. TNLS will submit the necessary application to the relevant authority for the aforesaid construction upon the completion of the acquisition,” it said.
Tiong Nam added the acquisition will be partially satisfied by internally generated funds and bank borrowings.
-- BERNAMA
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