Sealink International Bhd is selling a 1.94ha land in Miri to an indirect wholly-owned unit of Cahya Mata Sarawak Bhd for RM26.5 million.

Sealink’s unit Sealink Sdn Bhd today inked an agreement with CMS Cement Industries Sdn Bhd, which is acquiring the land located 5.2 km northeast of Miri city, in Piasau.

Specifically, it is an “industrial purposes” land situated at Piasau Industrial Estate — with the land tenure expiring on June 11, 2036 — which is accessible from three directions via tar-sealed roads.

While it is unclear as to how much was Sealink’s investment cost to acquire the land, the group said in a filing with Bursa Malaysia that the expected gain from the sale to CMS is about RM19 million, based on the net book value as per audited accounts for the year ended Dec 31, 2017.

Proceeds of the sale — expected to be complete in the first quarter of 2019 — will be used for loan settlement relating to the property, as well as working capital, Sealink said in a filing with the bourse today.

Shares of Sealink International closed half a sen or 3.33% higher at RM15.5 sen today, giving the marine vessel charterer a market capitalisation of RM75 million.

News Source: The Edge Markets, 2 October 2018

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