Xin Hwa in RM14mil Johor factory buy

PETALING JAYA: Xin Hwa Holdings Bhd’s 79% owned subsidiary, Micron Engineering Metal Sdn Bhd, has entered into sale and purchase agreements with Wiley Development Sdn Bhd, to acquire two units of 1½-storey detached factories in Ulu Tiram, Johor for RM14mil.

In a filing with Bursa Malaysia, Xin Hwa, which is primarily engaged in the provision of management services, said the acquisition was for Micron’s factory capacity expansion.

Micron is principally involved in the manufacturing of precision machining components and parts.

The deal is expected to be completed within three months.