KUALA LUMPUR: Heng Huat Resources Group Bhd said its subsidiary HH Land and Development Sdn Bhd has acquired six parcels of land for a total consideration of RM6.32mil cash.
In a filing with Bursa Malaysia, the group said the purchase consideration will be funded by internally generated funds.
Of the acquisitions, five lots of land located in Penang measuring a combined 8,994 sqm were purchased from Ch'ng Chen Mong, while the Perak tract measuring 2.41ha was acquired from the group's 51%-owned subsidiary, MG Furniture Sdn Bhd.
Ch'ng and members of his family control CFamillie Holdings Sdn Bhd, which holds a 49% equity interest in MG Furniture as well as a 20.17% stake in Heng Huat.
According to Heng Huat, the acquisitions are in line with its intention to diversify into the property development business.
