HHRG Bhd's plan to acquire a 51% stake in two firms owning land in Kuala Muda, Kedah, has sparked interest from Bursa Malaysia, prompting queries on payment terms and company financials.
The proposed stake purchase from Open Road World Sdn Bhd for RM40 million involves joint owners PKB Open Road (SP Circuit) Sdn Bhd and ORIC Development (SP) Sdn Bhd, collectively owning 150 acres of land.
HHRG clarified that it's still finalising payment terms for the acquisition, which includes a RM1 million earnest deposit.
The land, valued at RM96.68 million, has no finalised development plan yet.
The acquisition aims to bolster HHRG's land bank as part of its property development diversification strategy.
If successful, the acquisition will be funded internally.
