A & M Realty berhad chairman Datuk Ng Thian Hock (right) with his son Steven Ng who is the company's general manager showing a model of the Palace semi-detached house in Kemuning Greenhills in Shah Alam.
KUALA LUMPUR: HIL Industries Bhd
is acquiring two companies that have approved proposed property development projects in Selangor with combined gross development value (GDV) of RM375.2mil.
The plastic solutions provider, which seeks to expand its property division and reduce its reliance on manufacturing. told Bursa Malaysia that its unit AMJ Construction Sdn Bhd was acquiring 100% equity interest in Show Piece Sdn Bhd for RM49mil and 99% in A&M Concrete Products Sdn Bhd for RM22mil from the family of HIL’s chairman Tan Sri Ng Boon Thong @ Ng Thian Hock.
Show Piece’s wholly-owned subsidiary Innocentral Sdn Bhd owns 858,083 sq ft in Sungai Jati, Klang, About 73% of the freehold land, spanning 624,219 sq ft, has been approved for development into 184 units of double-storey terraced house plots and eight units of double-storey semi-detached house plots with a GDV of RM196.60mil.
No approved development order has been granted for the remaining parcel of residential land.
Tan Sri Ng and his son, HIL managing director Datuk Milton Ng Kwee Leong, are the owners/vendors of Show Piece.
Meanwhile, A&M Concrete owns freehold land measuring 175,547 sq ft in Bukit Kemuning, Shah Alam, which has been approved for the development of 280 units within three blocks of apartment units as well as nine units of stratified 3-storey shops. The project, with a GDV of RM178.64mil, is expected to be launched in the second quarter of 2017.
A&M Concrete vendors are Tan Sri Ng’s sons Steven Junior Ng Kwee Leng and Malcolm Jeremy Ng Kwee Seng. Malcolm Jeremy is also HIL executive director.
HIL has appointed Affin Hwang Investment Bank Bhd as the independent adviser to advise the non-interested directors and the non-interested shareholders of the company on whether the terms of the proposed acquisitions are fair and reasonable.
At present, the HIL group has two on-going projects including the development of cluster semi-detached homes and link houses in the Kota Kemuning area, namely Kemuning Greenhills and Kemuning Hijauan 2.
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