SKH's share price up 7.14% on news of diversification plan

PETALING JAYA: SKH Consortium Bhd’s share price rose 7.14% this morning after it announced plans to diversify its business to include property development and property investment.
At 11.34am, its share price was 7.14% or half sen higher at 7.5 sen with 5.17 million shares traded.
As part of its diversification plan, SKH entered into a share sale agreement (SSA) with Smart Wisdom Sdn Bhd to acquire a 80% stake in Kepayang Heights Sdn Bhd (KHSB) for RM13.6 million cash, which provides SKH an opportunity to accumulate land bank for future property development projects, as KHSB owns a land in Bentong, Pahang.
SKH also entered into a SSA with Bijak Fajar Sdn Bhd and Newston Development Sdn Bhd to acquire a 70% stake in Rimbun Gabungan Sdn Bhd for RM12 million cash, to undertake an affordable housing development project on land in Setapak, Kuala Lumpur.