Friday 29 Mar 2024
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KUALA LUMPUR (Dec 1): Marine transportation services provider Complete Logistic Services Bhd (Complete Logistic) proposed to acquire two parcels of industrial land to expand its warehousing activities to the West Port area.

According to a filing with Bursa Malaysia today, the group’s wholly-owned subsidiary Guper Resources Sdn Bhd had entered into two sale and purchase agreements with Ecolex Sdn Bhd for the acquisition of the two parcels located in Klang, and measuring 114,820 sq ft and 153,330 sq ft respectively.

The first parcel was priced at RM5.74 million and the second at RM7.67 million.

Complete Logistic said the proposed acquisition will be financed by internally generated funds and bank borrowings, but the exact proportion has not been finalised. It added that the deal is expected to be completed in six months.

Based on the group’s second quarter financial result ended Sept 30, 2014 (2QFY15), its cash and cash equivalent assets stood at RM18.1 million, while its borrowings stood at RM9.51 million.

Complete Logistic fell seven sen or 9.87% to close at 71 sen today, giving it a market capitalisation of RM85.62 million.

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