KUALA LUMPUR: Heng Huat Industries Holdings Sdn Bhd's wholly-owned subsidiary, HK Kitaran Sdn Bhd will acquire a piece of freehold industrial land measuring 9,147 square metres in Penang from HK Alliance Sdn Bhd for RM3.8 million.

Heng Huat Industries Holdings is a wholly-owned subsidiary of Heng Huat Resources Group Bhd .

In a filing with Bursa Malaysia, Heng Huat said the land is currently rented by Heng Huat Industries Holdings for the placement of portable cabins for staff accommodation.

“The proposed acquisition will benefit Heng Huat Group with long-term savings on rental expenses, as well as any potential capital appreciation on the value of the land,” it said, adding that the deal is expected to be completed in the second quarter of 2019. - Bernama