Westports Holdings Bhd’s wholly-owned subsidiary, Westports Malaysia Sdn Bhd (WMSB) had entered into a sale and purchase agreement with the Selangor State Development Corporation (PKNS) to buy land worth RM116 million.
The land is below the sea in Pulau Indah, Mukim Klang and is spread across 381 acres. WMSB is primarily involved in the development and management of port operations.
In a filing to Bursa Malaysia yesterday, WMSB noted it had not conducted a valuation of the land as it was acquired from PKNS after an open tender. The purchase will in cash from internally generated funds, Westports added.