Malakoff unit to sell its stake in Lekir Bulk Terminal

PETALING JAYA: Malakoff Corp Bhd’s wholly owned subsidiary, Tuah Utama Sdn Bhd, will be disposing of its 20% stake in dry bulk terminal operator Lekir Bulk Terminal Sdn Bhd for a total sum of RM90mil.

In a filing with Bursa Malaysia yesterday, Malakoff announced that the 20% equity interest will be sold to Pelabuhan Lumut Sdn Bhd (PLSB), which currently owns 80% of Lekir Bulk Terminal.

PLSB is wholly owned by Integrax Bhd, which, in turn, is a wholly owned subsidiary of utility giant Tenaga Nasional Bhd.

“The proposed disposal is part of Malakoff’s effort to rationalise its investments to focus on higher-growth areas and at the same time enable the unlocking of the value of its investment in Lekir Bulk Terminal, a non-core business of Malakoff, at a reasonable price.

“Based on the purchase price, the proposed disposal will give rise to an exceptional gain on disposal of RM55.3mil at Malakoff,” stated Malakoff in its filing with the stock exchange.

Upon completion of the stake disposal, the cash proceeds will be utilised to fund future investments to be undertaken by Malakoff, as well as to meet the company’s working capital requirements.

On Aug 20, Malakoff received a letter from Integrax, which offered to acquire the 20% equity interest in Lekir Bulk Terminal comprising 13.6 million ordinary shares for RM90mil.

Via a letter dated Aug 23, Malakoff had accepted the offer by Integrax.