Halex To Acquire 75 Per Cent Stake In Kensington Development For RM21 Million
Date：2015/03/23
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KUALA LUMPUR: Halex Holdings Bhd's wholly-owned unit, Halex Realty Sdn Bhd, has entered into a conditional share acquisition agreement with Bestempire Ltd to purchase the remaining 75 per cent equity interest in Kensington Development Sdn Bhd for RM21 million.
In a filing to Bursa Malaysia, Halex said upon completion of the acquisition, Kensington Development would become a wholly-owned subsidiary of Halex Realty.
"In conjunction with the proposed acquisition, Halex proposes to diversify its existing core business to include property development," it said.
The proposed acquisition would enable Halex to add another source of revenue stream to enlarge its earnings base, which is expected to contribute positively to the company's future profitability.