Hong Seng acquires HSF for RM45mil

PETALING JAYA: Hong Seng Consolidated Bhd’s wholly owned subsidiary HS Green Valley Sdn Bhd (HSGV) has entered into an agreement to acquire all of Hong Seng Frontier Sdn Bhd (HSF) from Velocity Capital Partner Bhd.

The purchase, involving 250,000 ordinary shares worth RM45.25mil, would be entirely financed by cash, with a 10% deposit being paid to Velocity upon execution of the sale and purchase agreement and the balance to be remitted on or before the completion date of the agreement.