KUALA LUMPUR: HIL Industries Bhd
’s indirect wholly-owned subsidiary, Amverton Prop Sdn Bhd, has entered into a conditional sale and purchase agreement with A&M Modern Homes Sdn Bhd (AMMH) to acquire a three-acre parcel of land in Kuala Lumpur for RM47mil cash.
In a filing with Bursa Malaysia yesterday, HIL Industries noted the proposed related-party acquisition would enable it to replenish its land bank and property development projects in view of the upcoming completion of its ongoing projects.
The said land is meant for the development of residential condominiums, the filing revealed.
“The proposed acquisition is expected to increase the group’s existing land bank from 56.5 acres to 59.5 acres available for development,” it added.
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