Harbour-Link to help Sarawak Edible Oil
KUALA LUMPUR: Harbour-Link Group Bhd is proposing to provide financial assistance to Sarawak Edible Oil Sdn Bhd (SEO) for the latter to acquire an industrial land in Sarawak.
SEO is a wholly-owned subsidiary of Arcadia Properties Sdn Bhd, which in turn is a 51% owned subsidiary of Harbour-Link.
Harbour-Link, in a filing with Bursa Malaysia yesterday, said the financial assistance provided by the company would enable SEO to raise the necessary financing to acquire a 50.8 ha industrial land at Kidurong Industrial Area 1 in Bintulu, Sarawak, worth RM39.3mil.
Upon the successful development and sales of the developed units or undeveloped subdivided lots of the project, the earnings from SEO are expected to contribute positively to the future profits of the group.
In the filing, Harbour-Link also proposed diversification of the group business into property development to reduce the dependency on its existing core business which is shipping, forwarding and transportation, hiring of plant and machinery, and engineering contract. — Bernama