ARK Resources Holdings Bhd is asking shareholders to approve its RM28 million acquisition of three adjoining parcels of industrial land on Pulau Jerejak, Penang.
The property developer’s wholly owned subsidiary, Karya Koperat Sdn Bhd, plans to buy approximately 107,058 square metres of vacant industrial land in Mukim 13, Timur Laut, from Boustead Penang Shipyard Sdn Bhd. The total area measures about 1.15 million square feet. [BusinessToday](https://www.businesstoday.com.my/2026/07/31/ark-corp-seeks-to-acquire-penang-land-for-rm28-million/) reported.
The board has unanimously recommended shareholders vote in favour at an Extraordinary General Meeting on 30 September at Amari SPICE Penang. [EdgeProp](https://www.edgeprop.my/content/1916971/ark-resources-shareholders-vote-rm28-mil-penang-industrial-land-acquisition-sept-30) reported the EGM will start at 11.45am, immediately after the company’s ninth annual general meeting.
ARK Resources said the acquisition is part of its strategy to expand its landbank and strengthen the group’s development pipeline. The deal stems from a conditional sale and purchase agreement signed on 31 March 2026.
Shareholders whose names appear on the company’s Record of Depositors as at 22 September may attend and vote.
The three parcels, held under titles HSM 3558, HSD 6981 and PN 649, sit on the southeastern side of Pulau Jerejak near the Bayan Lepas coastline. The site is accessible via the Seagate jetty and a roughly 4km boat ride.
The land was formerly used for shipbuilding, ship repair and offshore structure works. It has been vacant since June 2024 after Boustead Penang Shipyard ceased shipyard operations.
ARK Resources plans to apply for rezoning from industrial shipyard use to residential, commercial or industrial use. No specific development concept has been finalised. The company intends to fund the purchase through internally generated funds and borrowings.
The disposal’s parent company, Boustead Heavy Industries Corp Bhd, will book a one-off gain of RM14.4 million from the sale. Completion is targeted for the third quarter of 2027, subject to shareholder approval, land authority approvals, zoning conversion and state consent.
