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New Hoong Fatt to acquire Jakarta land for RM22.9m

KUALA LUMPUR (Dec 19): New Hoong Fatt Holdings Bhd (NHF) is acquiring several plots of lands in Penjaringan, Jakarta Utara, Indonesia for a total consideration of RM22.9 million.

In an announcement to Bursa Malaysia, NHF said that its subsidiary PT NHF Auto Supplies Indonesia (NHF Indonesia) had executed the letters of offer to purchase the lands with Nayon and Venny Wijaya.

"The intention to acquire the properties is for future expansion purposes as NHF Indonesia is currently operating its trading business from a rented warehouse," stated NHF.

The proposed acquisition will be partly funded via internally generated funds and partly by bank borrowings of IDR20 billion (RM6.4 million) from an Indonesian bank.

The target properties, with a factory/warehouse building erected thereon comprise of eight pieces of lands adjacent to each other. The total size of the lands is 11,830 sq m and the total built up area of the building is approximately 7,540 sq m.

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