KUALA LUMPUR: Haily Group Bhd
's wholly-owned subsidiary, Haily Capital Sdn Bhd, has entered into a sale and purchase agreement (SPA) to acquire a parcel of freehold agricultural land in Johor Bahru for RM6.45mil.
In a filing with Bursa Malaysia, the group said the agreement with landowner Kee Chin See involved a parcel of land measuring approximately 1.6415 hectares in Mukim Pulai, Johor Bahru.
Haily said the purchase price was arrived at through arm's length negotiations on a willing-buyer, willing-seller basis, taking into account the property's market valuation and comparable land transactions in the vicinity.
The RM6.45mil consideration represents a discount of RM350,000, or 5.15%, to the property's market value of RM6.8mil, as assessed by independent valuer One Asia Property Consultants (South) Sdn Bhd.
“The acquisition is a strategic investment undertaken in line with Haily and its subsidiaries long-term growth and expansion objectives.
“By securing the land for future development and operational requirements, the acquisition is expected to strengthen the group’s asset base and facilitate the continued growth and expansion of its business over the medium to long term,” Haily said.
The purchase will be funded through a combination of internally generated funds and bank borrowings, with the final funding mix to be determined later.
Barring any unforeseen circumstances, the acquisition is expected to be completed by the fourth quarter of 2026.
