news

Hiap Huat buys land in Pulau Indah for new waste treatment plant

KUALA LUMPUR (Dec 31): Hiap Huat Holdings Bhd is buying 4.10 acres of leasehold land in Pulau Indah Industrial Park for RM11.97 million to build a new waste treatment plant.

In a bourse filing, the group said its wholly-owned subsidiary Hiap Huat Chemicals Sdn Bhd signed an agreement with Central Spectrum (M) Sdn Bhd yesterday to buy the plot.

Hiap Huat said the plant will enable the group to tap into new markets for schedule waste and participate in renewal energy generation.

The group said the land’s purchase price was reached on a “willing buyer and willing seller basis”, after taking into consideration the prevailing market value of surrounding properties and land.

The purchase will be funded using internally-generated funds and bank borrowings.

Hiap Huat’s share price closed unchanged at 10 sen yesterday, giving the group a market capitalisation of RM33.02 million.

Click here for more property stories.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. Maxim Global to buy land in Setapak for RM25.7m
  2. Petronas seeks World Bank unit ICSID's arbitration on Sudan land, property dispute
  3. Tri-Mode expands in Pulau Indah Industrial Park