Ho Hup acquires new subsidiary to expand its footprint in construction industry

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KUALA LUMPUR (Oct 14): Ho Hup Construction Company Bhd announced today that it has acquired a two ringgit company, inline with its strategy to expand and grow its construction operation.

In a filing with Bursa Malaysia today, Ho Hup said it had today acquired Nippon Awanatech Sdn Bhd for RM2.

"Upon completion of the Acquisition, NASB became a wholly-owned subsidiary of Ho Hup," the filing read.

NASB was incorporated in Malaysia under the Companies Act, 1965 on June 5 this year, with an authorised share capital of RM400,000.

According to the filing, NASB has not commenced any operation since incorporation, and the intended principle acitivty of NASB will be constuction, property development and investment holding.

Ho Hup noted that the acquisition does not have any material effect on its earnings per share and net tangible assets per share.

Shares of Ho Hup closed one sen higher at RM1.20, giving it a market capitalisation of RM369.46 million.