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- Shin Yang entered into an agreement to acquire the parcel of land in Kota Kinabalu, Sabah, for RM26.6 million in cash. The land will be used to support the company’s warehouse expansion and logistics development plans.
KUALA LUMPUR (Oct 21): Shipping firm Shin Yang Group Bhd has entered into an agreement to acquire a 5.37-hectare parcel of land in Kota Kinabalu, Sabah, from its controlling shareholder, Shin Yang Sdn Bhd (SYSB), for RM26.6 million in cash.
In a bourse filing on Tuesday, the land—located off Sepanggar Bay and comprising an existing workshop building—will be used to support the company’s warehouse expansion and logistics development plans.
Barring any unforeseen circumstances and subject to necessary approvals, the transaction is expected to be completed by the fourth quarter of 2025.
The purchase price was based on the land’s market valuation determined by an independent valuer in July 2025.
The acquisition will be fully financed through internally generated funds and is not expected to have a material impact on the group’s net assets per share or earnings for the financial year ending Dec 31, 2025.
Shin Yang said the proposed acquisition, located within the Sepanggar Bay Industrial area, is in line with its long-term strategy to strengthen operational capacity and enhance logistical efficiency.
SYSB is owned by Shin Yang Holding Sdn Bhd, which holds a 58.61% stake in Shin Yang Group. As such, the transaction is deemed a related-party transaction. Shin Yang Holding is controlled by the Ling family, led by Tan Sri Ling Chiong Ho, the executive chairman of Shin Yang Group.
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