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SALE OF PROPERTY (DEVELOPMENT UNIT) BY INNOCERIA SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF GRAND-FLO, TO EVERGREEN PERSPECTIVE SDN BHD ("PROPERTY")

GRAND-FLO BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-16112018-00001
Subject SALE OF PROPERTY (DEVELOPMENT UNIT) BY INNOCERIA SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF GRAND-FLO, TO EVERGREEN PERSPECTIVE SDN BHD ("PROPERTY")
Description
REPLY TO QUERY
SALE OF PROPERTY (DEVELOPMENT UNIT) BY INNOCERIA SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF GRAND-FLO, TO EVERGREEN PERSPECTIVE SDN BHD ("PROPERTY")
Query Letter Contents

We refer to your Company’s announcement dated 15 November 2018, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1.        The approximate age of the Property.

2.        The amount of lettable space of the 4-storey semi-detached corporate office.

3.        Whether any valuation was carried out on the Property; if so, the name of the independent registered valuer, date and method of valuation and quantification of the market value.

4.        The details of the utilisation of proceeds for working capital including the timeframe for full utilisation of proceeds.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,

TAN YEW ENG
Vice President, Issuers
Listing Division, Regulation

TYE/NZ

Copy : Market Surveillance Dept. , Securities Commission (via fax)

(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcement dated 15 November 2018.)

 

We refer to Bursa Malaysia Securities Berhad (“Bursa Securities”) query letter dated 16 November 2018 on the above matter and hereby furnish the additional information as requested:-

1. The approximate age of the Property.

The Property was completed under ISB’s Phase 1 of commercial development project, namely Vortex Business Park and its Perakuan Siap dan Pematuhan was obtained from the authorities on 10 July 2017. Hence, the Property was approximately 16 months old at the time of the sale.

 

2. The amount of lettable space of the 4-storey semi-detached corporate office.

The Property has lettable space of approximately 6,558 square feet.

 

3. Whether any valuation was carried out on the Property; if so, the name of the independent registered valuer, date and method of valuation and quantification of the market value.

Valuation was not carried out on the Property as the sale was an ordinary business transaction of ISB as developer of Vortex Business Park and selling the completed units of the development project. The sale of the Property to EPSB was at the prevailing selling price of ISB.

 

4. The details of the utilisation of proceeds for working capital including the timeframe for full utilisation of proceeds.

The proceeds from the sale is expected to be used to pay Trade and Other Payables, and would be fully utilised by 31 March 2019.

 

This announcement is dated 19 November 2018.

 





Announcement Info

Company Name GRAND-FLO BERHAD
Stock Name GRANFLO
Date Announced 19 Nov 2018
Category General Announcement for PLC
Reference Number GA1-19112018-00015




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