Shin Yang To Acquire Land In Kuching, Sarawak For RM34 Mln

KUALA LUMPUR, Sept 4 (Bernama) -- Shin Yang Group Bhd has entered into a sale and purchase agreement with Forescom Plywood Sdn Bhd to acquire an 8.32-hectare parcel of land at Pending Industrial Estate, Kuching, Sarawak, for RM34 million. 

The land comes with a single-storey office building, a double-storey semi-concrete worker quarters, a double-storey worker quarter/store, a single-storey workshop building and other outbuildings.

In a filing with Bursa Malaysia, the company said the rationale for the acquisition is to support the expansion of its logistics development for door-to-door services in terms of constructing warehouses and container depots as part of its complete logistics service offering.

“This is to reduce rental dependency and related party transactions by acquiring the property instead of leasing from Forescom Plywood Sdn Bhd,” it said. 

Shin Yang also noted that the property is strategically located within the industrial hub of Kuching and near Kuching Port, Sarawak. 

“This will enhance Shin Yang’s operational capacity and logistical efficiency. 

“The acquisition aligns with our long-term expansion strategy and is expected to contribute positively to its operational performance and asset base,” it said.

The group added that the acquisition is not expected to have a significant effect on Shin Yang’s net assets per share or earnings for the financial year ending Dec 31, 2026, but is expected to contribute positively to the future earnings of the group.

-- BERNAMA

 

TAGS: Shin Yang Group, Acquisition, corporate

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