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KUALA LUMPUR, April 8 -- LBS Bina Group Bhd’s (LBS) indirect subsidiary, Leaptec Engineering Sdn Bhd (LESB) has signed a Reclamation and Development Agreement (RDA) with the Melaka government for the reclamation and development of an industrial hub with port facilities in Tanjung Bruas, Melaka Tengah.
In a filing with Bursa Malaysia, LBS said the approved reclamation area is part of the Melaka Waterfront Economic Zone (M-WEZ) blueprint for the project spanning 10,117 hectares along the coastline of Melaka, providing an effective platform for sustainable business generation and economic transformation for the state.
“The approved reclamation area is intended to be developed into an industrial hub with port facilities which includes logistic and warehouse, manufacturing, Liquified Natural Gas (LNG), port-related business and such other development or economic activities,” it said.
LBS said the state government shall be paid a sum of RM94.86 million and LESB would carry out the reclamation works within five years after the approval of the reclamation works.
In a separate statement, LBS executive chairman Tan Sri Lim Hock San said the RDA provided the company with an opportunity to procure sizeable tracts of coastal lands fringing the Straits of Melaka, one of the busiest shipping lanes in the world.
“This will enable the company to establish a dominant presence in this area with access to a new market catchment, particularly in the industrial and commercial segment.
“With the company’s strong presence and foothold in the Guangdong province, China, we will be able to further leverage the ‘Friendly State and Province’ relations between Melaka and Guangdong to explore bilateral investment cooperation and establishments,” he said.
He added that the project is expected to contribute positively to the future earnings of the group.