Tasco buys Pulau Indah land, cold storage firm

KUALA LUMPUR (Jan 24): Logistics firm Tasco Bhd is buying six leasehold tracts in Selangor's Pulau Indah and 100% stake in cold storage firm Mils Gold Chain Logistics Sdn Bhd to expand the buyer's capacity. 
 
In a statement to Bursa Malaysia today, Tasco said it is buying the tracts with a combined area of approximately 16 hectares (39.52 acres) for RM113.83 million, and Mils Gold Chain stake for RM29.93 million from Swift Integrated Logistics Sdn Bhd.

"Currently, the existing facilities of Tasco group are operating at near full capacity. In fact, there is greater demand for warehouse space and transportation services than is able to be fulfilled by Tasco group.
 
"Tasco has to venture into new areas of opportunity, including embarking on acquisition opportunities, to add-on additional facilities and further enhance its present strong logistics base," Tasco said.

Tasco said it had signed the sale and purchase agreement with Swift Integrated for the land purchase. Both companies have also signed the share sale agreement for the Mils Gold Chain acquistion.