HIL Industries in RM47mil Kuala Lumpur land buy

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.