Friday, July 23, 2010

Hubline buys warehouse, land for RM15m

KUALA LUMPUR: HUBLINE BHD []'s unit Hubline Logistics Sdn Bhd is acquiring two parcels of land with buildings in Miri for a total of RM15 million from Many Plus Realty Sdn Bhd.

Hubline said on Friday, July 23 the PROPERTIES [] were rented and occupied by its subsidiaries Highline Shipping Sdn Bhd, Many Plus Engineering Sdn Bhd and Many Plus Enterprise Sdn Bhd.

The buildings are being used as workshop/warehouse, storage and repair centre for the repairs and maintenance operation of most of Hubline group of companies' fleet of vessels, it said.

Hubline said the acquisition would ensure continuity of land use, favourable location and avoid circumstances like inability to renew lease agreements if the properties are sold to a third party.

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