KUALA LUMPUR: HIL Industries Bhd’s indirect wholly-owned subsidiary, Amverton Prop Sdn Bhd, has entered into a conditional sale and purchase agreement with A & M Modern Homes Sdn Bhd (AMMH) to acquire a 1.21-hectare piece of land in Kuala Lumpur for RM47.0 million.

In a filing with Bursa Malaysia today, the group said the proposed acquisition would be satisfied in cash, and the proposed acquisition would enable HIL Industries to replenish its land bank and property development projects in view of the upcoming completion of its ongoing projects.

“The proposed acquisition is expected to increase the group’s existing land bank from approximately 22.86 hectares to 24.08 hectares available for development,” it added.

HIL Industries said the potential development of the AMMH land is also expected to increase the revenue and profit contribution from the property development segment as well as the overall financial performance of the group.

Barring any unforeseen circumstances and subject to all required approvals being obtained, HIL Industries expects the proposed acquisition to be completed by the first quarter of 2024. – Bernama