Heng Huat Resources Group Bhd has announced that its subsidiary, HH Land and Development Sdn Bhd, has purchased six land parcels worth RM6.32 million in cash. According to a disclosure made to Bursa Malaysia, the acquisitions will be financed through internally generated funds. Heng Huat’s decision to acquire these assets is part of the company’s effort to diversify into property development.

The acquisitions consisted of five land plots situated in Penang, with a total area of 8,994 sqm, which were bought from Ch’ng Chen Mong. The remaining 2.41ha land parcel in Perak was acquired from MG Furniture Sdn Bhd, a Heng Huat subsidiary in which the group owns a 51% stake. Ch’ng and his family own CFamillie Holdings Sdn Bhd, which has a 49% equity stake in MG Furniture and a 20.17% interest in Heng Huat.

Heng Huat’s move to purchase these land parcels is seen as a significant step towards the company’s goal of venturing into the property development sector. The acquisition is expected to expand the firm’s presence in the industry and lead to the growth of its business. The future looks bright for Heng Huat, and this development may be a precursor to greater things.