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.
AMMH is a wholly-owned subsidiary of Amverton Bhd.
HIL Industries said the potential development of the AMMH land is also expected to increase the revenue and profit contribution from the property development segment as well as the overall financial performance of the group.
HIL Industries expects the proposed acquisition to be completed by the first quarter of 2024.
Due to the proposed acquisition being deemed to be a related party transaction, HIL Industries has appointed Strategic Capital Advisory Sdn Bhd to act as the Independent Adviser on the deal.
Apart from property development, HIL Industries has over 40 years of experience in the plastic injection industry.
