HIL Industries to buy land in KL for RM47mil

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 1.21-hectare piece of land in Kuala Lumpur for RM47.0 million.

In a filing with Bursa Malaysia today, the group said the proposed acquisition would be satisfied in cash, and the proposed acquisition would enable HIL Industries to replenish its land bank and property development projects in view of the upcoming completion of its ongoing projects.