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

       The purchase, Chin Hin said in a filing today, would be settled via RM29.15mil cash and the issuance of 11 million new shares at 80 sen each.？

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

       "Given the established business and positive historical financial performance of Kayangan, the Board expects that the Proposals will contribute positively to the future earnings of the Group," it added.