Boustead picks up dockyard land on Malaysia's Pulau Indah

The group plans to invest a further MYR100m to develop the land and has its sights set on expanding its footprint in the booming oil & gas sector to extract greater value for the conglomerate.

Boustead unit Bestari Marine has signed four conditional sale and purchase agreements with four companies in the Glenn Defense Marine (Asia) Sdn Bhd Group to buy the land which includes the Port Klang Cruise Centre (PKCC), which comprises a five-storey cruise terminal building and jetty. Boustead will finance part of the purchase with the proceeds of MYR200m from the group's perpetual junior Sukuk programme with the rest coming from its own funds and bank borrowings.RHB Investment Bank is advising Boustead and it expects to complete the deal by the fourth quarter of 2014.