NauticAWT to buy freehold land, factory in Johor Bahru

OIL and gas solutions provider NauticAWT will be acquiring a freehold land (spanning approximately 0.6586 hectares) and a production facility (measuring 6,586 square metres) in Johor Bahru, Malaysia, for about RM18 million (S$6.2 million).

The acquisition will be made through its wholly owned subsidiary Nautic Materials Sdn Bhd, the Catalist-listed company announced on Monday.

The acquired facility, currently rented by Nautic Materials to produce its range of UHPC (ultra high performance cementitious) and HPC (high performance cementitious) materials for subsurface, subsea and surface applications in the renewable energy and oil and gas industries, will allow the company to have "continuous flexibility" over the timing and volume of its NAX pre-mix production.

It will also provide the company with long-term cost savings and long-term security of tenure over its premises.

Completion of the acquisition is expected to be within three months from Monday.