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.