Hua Yang to buy property firm for RM70m

PETALING JAYA: Hua Yang Bhd is acquiring Kajang Heights Development Sdn Bhd (KHDSB), a property development company for RM70 million to expand its landbank and operations into the Southern Klang Valley region.
In a filing with Bursa Malaysia today, the group said it had entered into a conditional share sale agreement with Wong Ko Seen @ Wong Kow, Wong Yoon Tsy, Bio-Energy Technology Sdn Bhd, Ria Ketara Development Sdn Bhd, Apple Rainbow Sdn Bhd and E-Hong Holdings Sdn Bhd for the proposed acquisition.
The purchase price will be funded through internally generated funds and/or bank borrowings.
KHDSB owns four parcels of freehold land measuring approximately 19.76 acres located in the Southern part of Klang Valley between Kajang and Bandar Baru Bangi.
Hua Yang said the proposed development of the land involves service apartments, retail units and affordable houses, with an estimated gross development value of RM800 million.

The stock closed unchanged at 60.5 sen today with 197,400 shares traded.