SINGAPORE (June 18): Construction group Tiong Seng Holdings says its subsidiary Robin Village Development has agreed to fully acquire Malaysia-incorporated firm Kinsbina – which in turn owns two vacant plots of land in Mukim Rimba Terjun, Daerah Pontian, Negeri Johor – for RM29.9 million ($10 million).

This comes as part of the group’s plans to expand its production capacity and capabilities in pre-cast manufacturing and prefabrication, says the group in its filing on Monday.

Tiong Seng intends to fund the acquisition via a combination of internal resources and bank facilities.

The consideration was arrived at after taking enquiries, references and comparisons to comparable surrounding lands into consideration, it adds.

No independent valuation was commissioned by the company.

Shares in Tiong Seng closed 1.2% lower at 40 cents on Thursday.