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PETALING JAYA (July 4): Maybulk Bhd has issued a circular to shareholders on the proposed disposal of freehold industrial land in Kapar, Klang, by its 60%-owned subsidiary MBC Logistic Hub Sdn Bhd to WG Malaysia VIII Sdn Bhd for RM278.05 million cash.
In a Bursa Malaysia filing yesterday, the group said the circular covers the disposal of two parcels of freehold land held under Geran 455286, Lot 119907 and Geran 455287, Lot 119908 (formerly H.S.(D) 166441, PT 85116) in Mukim of Kapar, District of Klang, Selangor, together measuring about 23.4863 hectares.
The land comprises vacant industrial plots fronting Jalan Bukit Kapar Kuari and sits in a corridor that has seen smallholders’ lots converted into industrial use over the past two decades, with several ongoing or established industrial parks nearby.
According to the circular, the disposal consideration of RM278.05 million was arrived at on a willing‑buyer willing‑seller basis at RM110 per sq ft, taking into account an independent valuation of RM278 million using the comparison approach on a “highest and best use” basis for data centre and information technology infrastructure.
MBC Logistic Hub acquired the land in 2024 for a planned warehouse development and has since obtained planning permission for 14 single‑storey warehouses with mezzanine office floors, a two‑storey office building and a main switching station, but construction has yet to commence.
The circular states that the deal is a related party transaction under paragraph 10.08 of the Main Market Listing Requirements due to common directors and major shareholders across Maybulk, Eonmetall Group Bhd and Leader Steel Holdings Bhd, whose subsidiaries are also disposing contiguous Kapar plots to the same purchaser.
Maybulk plans to use the RM278.05 million proceeds mainly to repay borrowings linked to the land acquisition (RM144.2 million), pay real property gains tax and transaction costs, distribute a proposed special dividend of RM30.25 million to shareholders, and allocate RM31.26 million for new business or assets to be identified in the industrial property segment.
Based on the pro forma figures in the circular, the disposal is expected to generate a net pro forma gain attributable to Maybulk’s shareholders of about RM31.26 million, reduce group gearing from 0.30 times to near‑zero following loan repayment, and lift net assets per share before the special dividend.
An extraordinary general meeting has been convened for July 20, 2026, in Petaling Jaya for non‑interested shareholders to vote on the proposal, with an independent advice letter from BDO Capital Consultants Sdn Bhd concluding that the disposal is fair and reasonable and not detrimental to non‑interested shareholders.
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