KUALA LUMPUR (Sept 13): Kein Hing International Bhd (KL:KEINHIN) is acquiring a semi-detached factory with offices for RM5.9 million in cash.  

The property, situated on freehold land measuring 23,479.51 sq ft, is located in Jenjarom, Selangor.    

Kein Hing has entered into a sale and purchase agreement with a property developer Wisdom Infinity Sdn Bhd for the acquisition.

The group said it has unutilised deposits in banks and is currently exploring various investment options and opportunities for future gain or income. Its initial plan is to rent out the factory upon completion for lease income.

“The acquisition is part of Kein Hing’s investment objective as there is great potential for capital gain and lease income in view of the industrial park at Wisdom Park @ Jenjarom and the other property developments which have been completed and in progress within the town of Jenjarom,” it said.  

The acquisition will fully be satisfied through internally generated funds, it added.  

Kein Hing supplies metal components to various industries, including the automotive besides electrical and electronics (E&E) sectors.

The company said it also manufactures gas appliances under its own brand name “ZENNE”.

Kein Hing’s share price closed up five sen or 3.6% to RM1.44, bringing the group a market capitalisation of RM157 million.