KUALA LUMPUR, Jan 10 — Chin Hin Group Property Bhd’s (CHGP) wholly-owned subsidiary Chin Hin Property (Penang) Sdn Bhd has signed an agreement with Ivory Gleneary Sdn Bhd to acquire a plot of freehold land in Penang for RM40 million.
In a filing with Bursa Malaysia today, the company said it purchased the parcel of land measuring approximately 0.492 hectares (ha) and forming part of a 4.922 ha land held under a master title in Georgetown, Penang.
“The purchase price is expected to be funded via a combination of internally generated funds and bank borrowings, the proportions of which will be determined later after taking into consideration the group’s gearing level, interest costs, and cash reserves,” it said.
CHGP, which is involved in the property development business, said the proposed acquisition is in line with the group’s overall strategy to source for new landbanks and expand its property development segment.
“Given the strategic location of the land and barring any unforeseen circumstances, the board is confident that the development will contribute positively to the earnings of CHGP in the future.
“As such, the proposed acquisition augurs well for the group as it is in line with the group’s strategy to strengthen its property development segment and, at the same time, diversify its presence in Penang,” it added.
Barring any unforeseen circumstances, the transaction is expected to be completed in the first quarter of 2025. — Bernama
