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- In a bourse filing, HCK Capital said its indirect wholly-owned subsidiary Reside Capital Sdn Bhd has entered into two conditional sale and purchase agreements (SPA) with Bandar Setia Alam for the land acquisition.
KUALA LUMPUR (Aug 1): HCK Capital Group Bhd (KL:HCK) is acquiring two parcels of freehold land from Bandar Setia Alam Sdn Bhd for a combined RM38.64 million in cash.
In a bourse filing, HCK Capital said its indirect wholly-owned subsidiary Reside Capital Sdn Bhd has entered into two conditional sale and purchase agreements (SPA) with Bandar Setia Alam for the land acquisition.
The first plot of land, measuring 1.2107 acres, costs RM19.51 million, while the second plot, at 1.2199 acres, is valued at RM19.13 million. Both parcels are located in the Setia City BizPark, Selangor.
Bandar Setia Alam is principally involved in property development and property investment holding.
“The SPA is conditional upon, among others: approval of the Economic Planning Unit (EPU) in the event the Purchase Consideration exceeds RM20 million (if applicable); and issuance of separate title and, where applicable, State Authority consent for transfer,” HCK Capital said.
The proposed acquisition is expected to be completed by the first half of 2026, it said.
"The strategic location and strong demand for commercial properties in the area are expected to enhance HCK group’s earnings over the medium to long term," it added.
On Friday, HCK Capital’s share price settled unchanged at RM2.16, bringing the group a market capitalisation of RM1.35 billion.
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