KUALA LUMPUR: Metal parts manufacturer, Kein Hing International Bhd (KHIB), will buy an additional 24% equity in its Vietnam subsidiary, Kein Hing Muramoto (Vietnam) Co Ltd (KHMV), for US$1.1mil from KHMV director Shingo Muramoto.

KHIB said it entered into a conditional transfer agreement with Muramoto yesterday, which would see its current 51% stake increase to 75%.

“The proposed acquisition is in line with the company’s long-term plan to strengthen its position and broaden its revenue potential in Vietnam,” it said.

KHIB said Vietnam’s growing demand and metal parts, driven by the country’s rapid economic growth, would benefit KHMV, which operates two factories there.

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