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Haisan Resources Bhd’s unit Iglo International Ltd is acquiring a land use right of a piece of 9ha land in Long An Province, Vietnam, from Vietnam-based T&D Co Ltd for US$3.6 million (RM13.28 million) cash.
In a statement on Sept 26, Haisan said the proposed acquisition was in conjunction with the company’s plan to expand its temperature-controlled logistics (TCL) business into Vietnam. “The land acquisition is primarily to facilitate the construction of a building for future TCL operations in Vietnam,” it said, adding that T&D would lease the land use right to Iglo, with rental of US$40 per square metre, for 50 years.
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