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Maybulk's Unit to Acquire Industrial Property for MYR35.5 Million

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Maybulk's (KLSE:MAYBULK) subsidiary, MB Integrated Logistics has signed an agreement with Cross Protection (M) to acquire a freehold industrial property for 35.5 million ringgit, according to a Tuesday Bursa Malaysia filing.

The property spans an area of 8,346 square meters and includes a single-story industrial building.

The property is currently charged to CIMB Islamic Bank as security for a loan granted to the vendor.

The acquisition is part of the shipping and logistics company's strategy to diversify revenue streams into the industrial property business.

The transaction is expected to conclude by the fourth quarter of the year, the filing said.

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