KUALA LUMPUR: Shares in Hubline Bhd were hotly traded this morning with over 34 million shares exchanging hands, making it the most actively traded counter on Bursa Malaysia.
The ship owner rose 10%, or 0.5 sen to 5.5 sen with 34.1 million shares done.
Hubline plans to acquire a 75% stake in property investment company Absolute Privilege Sdn Bhd for RM16.37mil to secure tenancy for its dry bulk operations.
The company said it had entered into a share sale agreement with Absolute Privilege’s director Pau Chiong Ching for the proposed acquisition of all of his 1.5 million ordinary shares in the company, representing 75% equity interest, for RM16.37mil.
Absolute Privilege’s principal assets are two pieces of land in Miri, Sarawak, occupying 8,218.2 sq m and 6,074 sq m, worth RM21.6mil and RM16.4mil respectively.
Hubline said it is acquiring a stake in the company because the warehouse and about 30% of the properties’ office space are presently tenanted by its subsidiaries for business operations in dry bulk shipping.
Hubline expects the proposed acquisition to be completed by March 2020.