Xin Hwa's unit to acquire land for RM25m
Published on: Saturday, July 02, 2016
Kuala Lumpur: Xin Hwa Holdings Bhd's (XHH) unit, Xin Hwa Trading & Transport Sdn Bhd, will acquire a piece of freehold land at Pekan Baru Hicom, Selangor, from Maxis Broadband Sdn Bhd for RM25.75 million.In a filing to Bursa Malaysia Friday, XHH said the land of 17,723 square metres comes together with a single storey detached warehouse with an annexed two-storey office and other ancillary buildings. It said, XHH will pay a ten per cent deposit for the purchase consideration, with two per cent having already been paid and the balance to be settled upon execution of the sales and purchase agreement (SPA).
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The balance 90 per cent will be paid within 90 days from the date of the SPA.The acquistion will be financed through a combination of internally generated funds and bank borrowings.Stay up-to-date by following Daily Express’s Telegram channel.
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