Hai-O unit enters share sale, shareholder agreement to venture into property and development

KUALA LUMPUR: HAI-O ENTERPRISE BHD unit, Hai-O Properties Sdn Bhd (HOP), has entered into a share sale and shareholders agreement with Sierra Equatorial Development Sdn Bhd (SED) to venture in the property investment and development business.

In a filing to Bursa Malaysia on Friday, Oct 22, Hai-O said the agreement was for HOP and SED to establish a long-term relationship via their participation in Hai-O Development Sdn Bhd (HOD), a wholly owned subsidiary of HOP, for mutual benefit and gain in undertaking the business of property investment and development in Malaysia.

Under the agreement, SED will acquire from HOP 48,000 ordinary shares of RM1 each, representing 40% of the current total issued and paid-up share capital of HOD for RM1,000.

SED will also assist HOD in applying and procuring all necessary licences, approvals, permits and consents required undertaking the business.

It will also assist in the completion and market any development project undertaken by HOD, as well as provide the necessary expertise to HOD to train and develop a team of personnel to carry on and manage the business.

By The EDGE Malaysia (by Surin Murugiah)(Posted on 22Oct2010)