Xin Hwa unit buys land in Plen­tong for RM27mil

The Star Malaysia - StarBiz - - News -

KUALA LUMPUR: Xin Hwa Hold­ings Bhd (XHH) is buy­ing two pieces of land mea­sur­ing 44.05 acres in Plen­tong, Jo­hor Baru, from Jo­hor Corp, where it plans to build a new ware­house and an open yard for its fleet of ve­hi­cles.

In a fil­ing with Bursa Malaysia, the lo­gis­tics ser­vices provider said its wholly-owned sub­sidiary Xin Hwa Trad­ing & Trans­port had ac­cepted the let­ters of of­fer to ac­quire the land for RM26.53mil.

The sale and pur­chase agree­ments are ex­pected to be inked within three months.

XHH said that the pro­posed trans­ac­tion was in line with the group’s strat­egy to con­tinue ex­pand­ing its ware­hous­ing and dis­tri­bu­tion op­er­a­tions and to set up a fa­cil­ity for in­te­grated lo­gis­tics so­lu­tion hub.

The two pieces of land, be­ing lo­cated in Pasir Gu­dang In­dus­trial Area next to the group’s ex­ist­ing ware­house, would pro­vide con­ve­nience to the group for ad­min­is­tra­tive pur­poses on con­struc­tion of the new ware­house, it added.

Based on Xin Hwa’s lat­est an­nual re­port is­sued in July, the com­pany has a ware­house in Kem­pas, Jo­hor, and Pasir Gu­dang, Jo­hor, which are close to full util­i­sa­tion.

It has be­gun to build a new ware­house in Pasir Gu­dang that will in­crease its ware­hous­ing space from 404,000 sq ft to about 584,000 sq ft.

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