MMC Corp Bhd’s subsidiary, Johor Port Bhd (2194) is selling its 75 per cent stake in Bernas Logistics Sdn Bhd to Padiberas Nasional Bhd (Bernas) for RM11.76 million.
Upon completion of the sale, Bernas Logistics will become a wholly-owned subsidiary of Bernas.
In a separate statement, Johor Port said it has also terminated its sub-lease agreement with Bernas, which both parties had entered into on October 6 2005.
The agreement saw Johor Port sub-leasing land measuring 24,510.60 sq m together with two warehouses, to Bernas, from October 6 2005 to December 31 2022 at a sub-lease rental amounting to RM26 million.
As such, RM20.7 million as at March 31 2009, representing the full and final settlement for the termination of the agreement will be refunded by Johor Port to Bernas and Bernas to surrender the two warehouses to Johor Port.