KUALA LUMPUR: Hua Yang Bhd has acquired additional shares in Sunny Mode Sdn Bhd from Nestin Sdn Bhd for RM1 each.
In a filing to Bursa Malaysia on March 5, the developer said the acquisition of 493,333 shares of RM1 in Sunny Mode, representing 15% of the existing issued and paid-up capital, has resulted in Sunny Mode becoming a 60%-owned subsidiary of Hua Yang. The remaining shares are held by Nestin, an investment holding company.
Sunny Mode is a property development company that owns a vacant leasehold land measuring 28.5 acres located near Seremban town, Negeri Sembilan.
According to the announcement, a mixed commercial and industrial development with gross development value of RM48 million will be developed on the land over three years to four years.The acquisition will expand the existing land bank of the Hua Yang group for future property development project. It added.