Hiap Huat acquires land, buildings from Paka Petroleum for RM9.5mil
In a filing with Bursa Malaysia, the company said its wholly owned subsidiary, Relgnite Energy Sdn Bhd, entered into a sales and purchase agreement with PPSB for the asset purchases.
The proposed acquisition is expected to be completed before December 31, 2025.
According to the valuation report, Hiap Huat said the market value of the assets was assessed at RM11.8 million as of the valuation dated March 10, 2024.
"The proposed acquisition of the assets is strategically aligned with the group's objectives to enhance its operational efficiency and service delivery.
"This location's proximity to our existing customers in Paka, Terengganu, will significantly improve response times and enable the provision of higher-quality services," it said.
Hiap Huat said the acquired assets come with all necessary governmental licenses, ready-to-use machinery and a customer base, which will allow for immediate operationalisation.
"This ready-to-use setup offers substantial time savings and efficiency benefits compared to the alternative of establishing a new facility from the ground up," it added.
The company expects the acquisition to contribute positively to enhancing the group's overall growth prospects by expanding its customer base to include those currently served by PPSB.
Hiap Huat said the acquisition includes licenses approved for handling new types of hazardous waste, which the group currently does not possess.
"This expansion of capabilities is anticipated to open new avenues for business and generate a new stream of income for the group, thereby reinforcing its position in the waste management industry and contributing to its long-term financial performance," it added.
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