UNION Steel Holdings said on Thursday night that its wholly owned subsidiary, Union CHH Sdn Bhd, has entered into agreements with Chye Hup Heng Sdn Bhd (CHH) to acquire two parcels of land in Johor Baru and a scrap metal shredder plant located on one of the land parcels for RM16.5 million (S$5.4 million).
CHH has been wound up by an order of the High Court of Malaysia on Jan 20, 2014.
Union CHH had earlier intended to acquire eight parcels of land together with plants, machineries, equipment and vehicles from CHH, but the proposed acquisition could not be completed due primarily to the winding up of CHH.
It later came to the attention of Union CHH that some of the assets of CHH were available for sale via a public tender as part of its liquidation.
Union CHH formally expressed to the liquidators its interest and offered to acquire two parcels of land and scrap metal shredder plant of CHH. The liquidators accepted the offer of Union CHH.