Tuesday, 14 February 2012

Petra Energy buying Labuan yard site for RM16m

KUALA LUMPUR (Feb 14): PETRA ENERGY BHD []’s unit Petra Resources Sdn Bhd has proposed to buy two parcels of land in Labuan, which is it currently renting, for RM16 million.

The company said on Tuesday the two parcels of leasehold land measured 2.294 ha were currently used for its fabrication and CONSTRUCTION [] activities.

Petra Energy said Petra Resources had signed a sale and purchase agreement with Jong Nyat Lian and Lee Wing Yim to acquire the land

It expected the proposed acquisition to contribute positively to the future earnings and net assets as the expansion of its operations was expected to generate an increase in revenue.

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