HIL Industries acquiring two property developers for RM71m

PETALING JAYA: HIL Industries Bhd is acquiring two property development companies for RM71 million.

In a filing with the stock exchange, the company said its wholly owned subsidiary AMJ Construction Sdn Bhd, through Satu Tunas Sdn Bhd and Hil Properties Sdn Bhd, had entered into two conditional share sale agreements for a 99% stake in A&M Concrete Products Sdn Bhd and 100% in Show Piece Sdn Bhd, for RM22 million and RM49 million respectively.

Show Piece wholly owns property player Innocentral Sdn Bhd.

HIL said the acquisitions will allow it to own land in Bukit Kemuning and Sungai Jati, that strategically fits its business strategy to expand the property division and to reduce reliance on manufacturing.

“As part of our strategic growth, the group has been scouting for more suitable land for development and the proposed acquisitions will allow the group to own the Bukit Kemuning land and the Sungai Jati land,” HIL said.

HIL has two on-going projects including the development of cluster semi-detached homes and link houses in the Kota Kemuning area, namely Kemuning Greenhills and Kemuning Hijauan 2.