Lumut Maritime Terminal Sdn Bhd, a subsidiary of Perak Corp Bhd, has proposed to acquire a RM57 million industrial and commercial land in Lumut, Perak.

In a filing to Bursa Malaysia today, Perak Corp said its unit had signed a sale and purchase agreement with Perbadanan Kemajuan Negeri Perak (PKNP) for the acquisition.

"The unit intends to hold the property as land bank to develop and construct another port or terminal in efforts to boost its core competencies in port operations," it said.

Perak Corp said the subsidiary owned and operated the terminal and provided integrated port facilities and services specialising in services for break, liquid and dry bulks.

Lumut Maritime intended to fund the proposed acquisition through internally-generated funds and bank borrowings, it said.

- Bernama