SHH buys Kajang land for RM10mil

The Star Malaysia - StarBiz - - News -

PETALING JAYA: SHH Re­sources Hold­ings Bhd is buy­ing 2.02ha in Kajang for RM10.24mil, which is worth roughly a quar­ter of its mar­ket cap­i­tal­i­sa­tion of RM41mil.

In a fil­ing with Bursa Malaysia, the wood-based fur­ni­ture man­u­fac­turer said its con­struc­tion and prop­erty de­vel­op­ment sub­sidiary Ram­pai Pes­ona Sdn Bhd had signed a sale and pur­chase agree­ment with Ris­ing Charm Sdn Bhd.

SHH said it would fi­nance the pur­chase via a com­bi­na­tion of in­ter­nally-gen­er­ated funds and bank bor­row­ings.

The land has been ear­marked for res­i­den­tial use and the com­pany plans to con­vert the land for res­i­den­tial de­vel­op­ment.

“The ra­tio­nale for the pro­posed ac­qui­si­tion is in line with SHH’s strate­gic plan to un­der­take other vi­able in­vest­ment op­por­tu­ni­ties to en­hance share­holder value in view of the cur­rent com­pet­i­tive fur­ni­ture in­dus­try that it is prin­ci­pally in­volved in,” it said.

The com­pany is tar­get­ing to com­plete the pro­posed ac­qui­si­tion in the first quar­ter of 2020.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.