HCK Capital to buy land from PKNS for RM80m

HCK Capital Group Bhd intends to acquire land in Sungai Buloh, Selangor, from Selangor State Development Corp (PKNS) for RM80 million, with the aim to expand the company’s earnings base and fuel long-term growth.

In an exchange filing yesterday, the property, media and education concern noted the agreement was reached via its indirect unit HCK Bestari Sdn Bhd and involved the purchase of a 40,470 sq m of land located in Sungai Buloh with a leasehold expiring on July 6, 2113.

The land is earmarked for a mixed development project comprising residential and commercial components, with the development expected to positively contribute to group earnings in the mid- to long-term. The deal is to be funded with RM10.5 million raised from a recent rights issue of warrants, and a combination of internally generated funds and bank borrowings.