by SHAHEERA AZNAM SHAH / pic by BERNAMA
MAJUPERAK Holdings Bhd, a Perak-based property developer, appointed Modkha Marine Sdn Bhd as the operator for its kaolin mining operation in the state.
Majuperak through its wholly owned subsidiary, Majuperak Energy Resources Sdn Bhd, entered into a mining operations agreement with Modkha Marine, which allows the latter to extract raw kaolin from the site for cash exchanges of RM13.50 per tonne.
“The agreement presents the opportunity for Majuperak, through Majuperak Energy Resources, to unlock the value of the land by appointing Modhka Marine as the operator to extract kaolin in Perak.
“This would subsequently create an additional income stream to enhance the group’s business growth and shareholders’ value,” it said in a statement yesterday.
The mining site sits on a 34-acre (13.8ha) of land parcel in Kinta district, of which Majuperak Energy Resources has been registered as the owner. The subsidiary has also identified raw kaolin within the land parcel.
Based on the calculations of 2.6 million metric tonnes of kaolin estimated in the land plot and RM13.50 per tonne in landowner entitlement, Majuperak Energy Resources is expected to receive RM35.1 million from Modkha Marine.
For its recent third quarter of 2020 ended on Sept 30, 2020, Majuperak posted a lower net profit of RM2.24 million compared to RM2.57 million last year.
However, its revenue more than doubled to RM11.97 million compared to RM5.43 million a year ago, mainly contributed by the 130.16-acre plot of land sales in Sg Terap in Perak, to Keris Properties Holdings Sdn Bhd. The sales amounted to RM9.55 million, based on completed 207 titles from a total of 622 titles.
Majuperak also attributed its revenue to the proceeds from facility management amounted to RM1.15 million, as well as the property and land rental, and solar activities of RM620,000 and RM520,000 respectively.