MMC sells another 11 acres of land at Senai Airport City for RM24m

MMC sells another 11 acres of land at Senai Airport City for RM24m
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KUALA LUMPUR (April 9): MMC Corp Bhd is selling 11.07 acres of vacant industrial land land at Senai Airport City (SAC) to Shengda New Energy Sdn Bhd (SNESB) for RM24.1 million.

In a statement, the group said the land was sold via Senai Airport City Sdn Bhd (SACSB), a wholly-owned unit of Senai Airport Terminal Services Sdn Bhd, which in turn is wholly-owned by MMC.

MMC noted that prior to today’s announcement, SACSB had proposed the sale of another 11.07 acres of land at SAC on Nov 11, 2020 for the same price. Consequently, SNESB”s aggregate total purchase consideration in SAC is RM48.2 million.

MMC said SNESB’s investment into SAC is part of its long term expansion plan for the manufacturing of solar tracker slew gear (tracking driver), solar cleaning robots and power station demonstration project, as well as research and development testing lines for battery energy storage.

The group also highlighted that on Feb 26, SACSB had entered into three other deals with electrical and electronic companies for the disposal of three other parcels of land, measuring 21.36 acres in total, for a total of RM46.5 million.

The remaining vacant industrial land available for sale at SAC is approximately 887.50 acres, the group said.

SACSB is the master developer for SAC, which spans 2,719 acres in Iskandar Malaysia, Johor.

Shares in MMC closed 2.73% or three sen lower at RM1.07 today, valuing the group at RM3.26 billion. The counter saw 14.25 million shares traded.

S Kanagaraju