SHH to buy Selangor land for RM10 million

PETALING JAYA: Furniture maker SHH Resources Holdings Bhd’s subsidiary Rampai Pesona Sdn Bhd is acquiring a piece of freehold land measuring 2.02ha in Ulu Langat, Selangor from Rising Charm Sdn Bhd for RM10.2 million cash.
The group told the stock exchange, the proposed acquisition is in line with its strategic plan to undertake other viable investment opportunities to enhance shareholders’ value in view of the current competitive furniture industry.
The purchase will be financed by a combination of internally-generated funds and/or bank borrowings.
SHH said the acquisition is expected to contribute positively to the group’s revenue and earnings upon its development in the future.
The exercise is expected to be completed in the first quarter of calendar year 2020.
The group closed unchanged at 82 sen today with some 15,000 shares traded.