The acquisition will be satisfied by cash, through a combination of proceeds from the rights issue of warrants of some RM10.5mil that was completed on Oct 2, internally generated funds and bank borrowings.
The exact breakdown has not been determined at this point, HCK said in a statement.
“The land is currently a vacant parcel and is intended for mixed commercial development.
The land is situated along Jalan Zuhal U5/179 within Seksyen U5 of Shah Alam. It is about 30 km west of Kuala Lumpur City Centre and about 11.10 km north-west of Petaling Jaya town centre.
“Some of the landmarks in the vicinity includes The Star Avenue Lifestyle Mall, HELP University, HELP International School and Skypark Subang Airport,” it said.
HCK said the purchase price is based on a willing-buyer willing-seller negotiations after taking into consideration the indicative market value at RM80mil.