HeveaBoard buys land from executive director

PETALING JAYA: HeveaBoard Bhd is buying a piece of vacant land from its executive director, Yee Kong Yin, for RM13.46 million.

In a filing with stock exchange, the company said its wholly-owned subsidiary HeveaPac Sdn Bhd had entered into a sale and purchase agreement with Yee for the related party transaction.

The acquisition will be financed through internally generated funds (33%) and bank borrowings (67%).

HeveaBoard said the land will be used for building of additional factory premises and production facilities to cater for new projects and increasing production demand. As the land is located next to its existing manufacturing plants, it will facilitate resources sharing and synergise production capacity.