BHS Industries adds to land bank in Johor

KUALA LUMPUR: BHS Industries Bhd (BHS) is acquiring four tracts measuring about 828, 946 sq ft for a total of RM2.29 million today, according to a Bursa Malaysia filing on Dec 28.

The publisher and printer of educational books entered into separate sale and purchase (S&P) agreements with Harta Sistem Sdn Bhd (HSSB) and System Industrial Development Sdn Bhd (SIDSB) for the purchase of the freehold agricultural land in Kota Tinggi, Johor.

“At present, BHS owns three parcels of agricultural freehold land in Kota Tinggi.  The acquisition of four parcels of land - two of which adjoin to the existing landbank - will enhance the value of land in its entirety for investment or future development purposes,” BHS said.

The land sale is deemed a related-party transaction because HSSB is a major shareholder in BHS, while HSSB wholly owns SIDSB.

BHS directors Heng Song Khoon, Liew Sai Ying, and Heng Boon Seng are deemed to have interest in the acquisition by virtue of interest in HSSB by them and their spouses.