Century Logistics accepts PTP lands sub-lease

Century Logistics Holdings Bhd, through its wholly-owned subsidiary, Century Total Logistics Sdn Bhd (CTL), had accepted
the sub-lease of Plots D28-B, D28-C and D28-D, Port of Tanjung Pelepas (PTP), Johor, from Pelabuhan Tanjung Pelepas Sdn Bhd.

The sub-lease rental amounts to RM17.151 million for the tenure of the 43-year period until March 23, 2055.

In
a filing to Bursa Malaysia today, the company said the land measured
approximately six hectares and was located within the port area of
Pelepas Free Zone.

"The sub-lease is in line with Century's strategy to expand further its distribution centre storage capacity within PTP.

"CTL currently has three other distribution centres totalling
456,000 square feet of storage capacity within PTP and the entire space is currently fully occupied," it said.

The sub-lease is not expected to have any immediate effect on the
net assets and earnings of the group.

"However,
upon commencement of the operations, it is expected to contribute
positively to Century's future earnings," the company said. -- BERNAMA