KUALA LUMPUR: Amverton Prop Sdn Bhd, an indirect wholly-owned subsidiary of HIL Industries Bhd
, has entered into a conditional share sale agreement with Puan Sri Catherine Yeoh Eng Neo, Datuk Milton Norman Ng Kwee Leong and Konsep Kekal Sdn Bhd (KKSB) to acquire 100 per cent equity interest in Broadwise Corporation Sdn Bhd (BCSB) for RM46 million.
HIL said the acquisition will be satisfied in cash.
"Upon completion of the acquisition, BCSB will become a wholly-owned subsidiary of Amverton Prop, which in turn becomes an indirect wholly-owned subsidiary of HIL via Satu Tunas Sdn Bhd which is held by HIL via Hil Properties Sdn Bhd,” it told the stock exchange.
HIL said the proposed acquisition is in line with the group’s aim to expand its property business in Klang Valley. The company is principally involved in investment holding, manufacture and sale of industrial and domestic moulded plastic products and all types of personal protection equipment as well as property development.
"The group has been continuously sourcing and looking out for opportunities to obtain more development land within Klang Valley to ensure the continuous growth of its property business,” it said. - Bernama
