In a filing to Bursa Malaysia on Friday, Sept 3, the company said its unit Harta Packaging Industries (Selangor) Sdn Bhd had entered into a sale and purchase agreement for the acquisition on the same day.
The land is presently vacant. HPI Resources will fund 20% of the deal through internally generated funds, while the remaining sum would be funded through bank borrowings.
The company plans to build up a single-storey industrial building to expand its manufacturing capacity to meet the increasing demand for corrugated packaging in the central region of the country.
“The acquisition will thus enable the HPI Group to expand horizontally, enhance HPI’s competitive edge and improve administration efficiency,” it added.
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