KUALA LUMPUR (Sept 28): MMC Corp Bhd's wholly-owned subsidiary, Senai Airport City Sdn Bhd (SACSB), has leased 24.75 acres of its industrial land to Japanese food products supplier Fuji Oil Asia Pte Ltd, for RM53.9 million.

Fuji Oil Asia, which is part of the Fuji Oil Group, has entered into a lease agreement with SACSB for 60 years to construct and operate its manufacturing facility, said MMC Corp in a statement today.

Headquartered in Japan, Fuji Oil Asia is a global supplier of intermediate food ingredients, particularly specialty oils and fats, confectionery and bakery, soy protein and its related consumer food products.

The facility will be its largest outside Japan and is located adjacent to its major client: US-based confectionary Hershey’s largest chocolate manufacturing facility outside of North America.

MMC Corp group managing director Datuk Seri Che Khalib Mohamad Noh welcomed Fuji Oil Asia as the latest addition to Senai Airport City.

“Strategically located for domestic and international business, the area (Senai Airport City) has been dubbed by local and international investors as a southern gateway for high-value industries and [a] hub for international logistics for industries.

“Investors from Singapore, US, Japan and Korea recognised the advantages of Senai Airport City, and I am confident that Fuji Oil Asia will gain from these advantages as well,” said Che Khalib.

SACSB is the master developer of the 2,718 acre integrated industrial development known as Senai Airport City, with various industrial segments such as free industrial zone, hi-tech and general manufacturing, aerospace maintenance, repair and overhaul (MRO) as well as logistics and mixed development, which are currently being developed in phases with 40% completed to date.

According to the statement, MMC Corp is leveraging to capitalise on the sale and/or lease of its strategic property assets in Johor, comprising almost 5,000 acres of industrial land in both Senai Airport City and the Tanjung Bin Petrochemical & Maritime Industry Centre developments.

It is also looking to unlock the values of almost 500 acres of pockets of lands and buildings mainly in the central and northern states to support its revenue growth in the next five years.

As at 2.50pm, MMC Corp’s shares were trading at RM2.16, up one sen or 0.47%, for a market capitalisation of RM6.58 billion.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)