Hunza Properties acquiring four freehold tracts in Penang

KUALA LUMPUR: Hunza Properties Bhd has entered into sale and purchase agreement (SPA) to acquire four pieces of freehold land in Penang from Ong Thye Peng and Ong Gaik Kee for a total cash consideration of RM82.093 million. Both Ong Thye Peng and Ong Gaik Kee are trustees of the estate of the late Ong Joo Sun.

The acquisition would be financed via internally generated funds and/or bank borrowings of Hunza Properties Bhd and its subsidiaries, said Hunza in a filing to Bursa Malaysia on Dec 30.

The proposed acquisition would enable the group to increase its landbank for future development and/or investment, at the same time continue its expansion plans in Penang

The Group is principally involved in property development and investment and its property development activities are currently focused in Penang and Kuala Lumpur.

Barring any unforeseen circumstances and subject to all the conditions precedent of the SPA being fulfilled, the proposed acquisition is expected to be completed latest by end of fiscal year 2012.



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