HHRG Berhad has announced that its subsidiary HH Properties Kulim Sdn Bhd had entered into an Agreement to acquire the entire equity in Kulim Property Sdn for a total consideration of RM4.5million.

KPSB is the registered and beneficial owner of parcels land comprising 55 subdivided plots of commercial and residential land. Upon completion of the acquisition, KPSB will become a wholly-owned subsidiary of the company.

HHRG said the acquisition will enable the group to increase its land bank in line with its diversification into the business of property development.

The acquisition is not expected to have any material effect on the earnings, net assets, and gearing of the HHRG Group for the current financial year ending 31 March 2024. Nevertheless, the acquisition is expected to contribute positively to the future earnings of HHRG Group.