Hubline jumps 10% on buying stake in property investment company

Hubline jumps 10% on buying stake in property investment company

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KUALA LUMPUR (Sept 12): Shares in ship owner and charterer Hubline Bhd jumped 10% this morning after the group said it is acquiring a 75% stake in property investment company Absolute Privilege Sdn Bhd for RM16.37 million to secure tenancy for its dry bulk operations.

At 9.03am, Hubline rose 0.5 sen to 5.5 sen for a market capitalisation of RM210.05 million.

In a filing with Bursa Malaysia, Hubline said it had entered into a share sale agreement with Absolute Privilege's director Pau Chiong Ching for the proposed acquisition of all of his 1.5 million ordinary shares in the company, representing 75% equity interest, for RM16.37 million.

Absolute Privilege’s principal assets are two pieces of land in Miri, Sarawak, occupying 8,218.2 sq m and 6,074 sq m, worth RM21.6 million and RM16.4 million respectively.