PETALING JAYA: Ho Hup Construction Co Bhd has proposed to acquire a 429-acre leasehold land in Kulai, Johor, for RM107.3mil via its unit, Intact Corporate Approach Sdn Bhd (ICA).
In a filing with Bursa Malaysia, Ho Hup said the proposed acquisition was pursuant to a sale and purchase agreement dated July 27, 2015 between ICA and YPJ Plantations Sdn Bhd, whereby ICA would buy the land free from encumbrances and with vacant possession.
Ho Hup is paying part cash of RM22.3mil over five years and RM85mil by way of the construction and delivery in phases of a technical and vocational education and training facility over five years at ICA’s own cost.
To recap, Ho Hup bought a 70% stake in ICA from I4G Intelliganz Sdn Bhd for RM20mil last month. The acquisition gives the group access to the rights to develop the said 429-acre land, located within the Yayasan Pelajaran Johor Academic City near Kulai town.
Development is expected to span over 15 years from 2016 until 2031.
