KUALA LUMPUR, Oct 14 — Ho Hup Construction Company Bhd has entered into a share sale agreement with six persons to acquire 51 per cent equity in Niaga Sari Sdn Bhd for RM12 million.
The persons include three existing directors of Niaga Sari, Datuk Chan Chee Hong, Gwi Chin Fatt and Datuk Wong Gian Kui.
Others are Periasamy Ganapathy, Gwi Huan Yi and Gwi Xian Yi.
“The acquisition will allow Ho Hup Group to synergise the group’s effort to build up the construction division expertise and be more cost effective in competing for new businesses,” it said in a filing with Bursa Malaysia today.
The group said the synergetic benefits will enable the Ho Hup Group to bid for bigger contracts and handle bigger construction projects.
Ho Hup is aware, like any other businesses, that it will be exposed to the risks of changes in political and economic changes in Malaysia.
It said the acquisition is expected to be completed by the first quarter of next year. — Bernama