KUALA LUMPUR: Chin Hin Group Property Bhd has entered into a deal to purchase a 65% stake in construction firm Kayangan Kemas Sdn Bhd for RM37.95mil.

       The purchase would be settled via RM29.15mil cash and the issuance of 11 million new shares at 80 sen each, the property development group said in a filing with Bursa Malaysia.

       “Kayangan’s ongoing projects are mainly the construction and upgrading of hospitals (such as Miri Hospital and Tanah Merah Hospital) and the construction of community halls and administrative complex for Kuala Lumpur City Hall, with total contract value of about RM500mil, ” it said.

       “Given the established business and positive historical financial performance of Kayangan, the board expects the proposal will contribute positively to the group’s future earnings, ” it added.