Highlights:
Shariah Setting Shariah Setting

Last Price Change Volume
KLSE Market Watch
Open: Day Range: Prev Close:


TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS SALE AND PURCHASE AGREEMENT ("AGREEMENT") BETWEEN KEBUN RIMAU SDN BHD ("VENDOR") AND TAWAU COCOA ESTATE SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF TECK GUAN PERDANA BERHAD ("PURCHASER") FOR THE PURCHASE OF ONE PARCEL OF LAND MEASURING APPROXIMATELY 510.6 ACRES HELD UNDER COUNTRY LEASE NUMBER CL 105311260 IN THE DISTRICT OF TAWAU, SABAH ("THE ACQUISITION").

TECK GUAN PERDANA BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
SALE AND PURCHASE AGREEMENT ("AGREEMENT") BETWEEN KEBUN RIMAU SDN BHD ("VENDOR") AND TAWAU COCOA ESTATE SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF TECK GUAN PERDANA BERHAD ("PURCHASER") FOR THE PURCHASE OF ONE PARCEL OF LAND MEASURING APPROXIMATELY 510.6 ACRES HELD UNDER COUNTRY LEASE NUMBER CL 105311260 IN THE DISTRICT OF TAWAU, SABAH ("THE ACQUISITION").

All terms and expressions used herein shall have the same meaning as those used in the Company's announcement dated 2 September 2020 in relation to the Acquisition, unless stated otherwise.

 

Further to the Company's announcement made on 2 September 2020, the Board of Directors of the Company wishes to provide the following additional information in relation to the Acquisition:-

 

BASIS OF ARRIVING AT AND JUSTIFICATION FOR THE PURCHASE CONSIDERATION

 

In arriving at the Purchase Price, the Board has taken in consideration of some oil palm estates valuations (ref JPHS.10/2/1072389, JPHS.10/2/1072489, JPHS10/2/1072289) which are located within the District of Tawau, State of Sabah. Material date of valuations done in the year 2015 were within the range of RM36,000/acre to RM41,000/acre.

 

In addition, the Board has taken in consideration of location, land and soil of the Acquisition which contain fertile and rare volcanic soil of Tiger and Table series. “TIGER ASSOCIATION” and “TABLE ASSOCIATION” occurred on extinct volcanoes in the Semporna Peninsula to the north of Tawau and at Merotai near Gunung Tiger. The subject property is situated at the east of Gunung Tiger (Director of National Mapping Malaysia, 1965,2015), Merotai, Tawau. This subject property is mostly flat and can fetch a slightly higher price due to rare and fertile volcanic soils, as this type of soils will generate higher yield.

 

The Board adopt the “Comparison Method of Valuation”. We have taken into consideration the valuation reports under ref: JPHS.10/2/1072389, JPHS.10/2/1072489, JPHS10/2/1072289 which are located within the District of Tawau, State of Sabah.

 

The initial selling price offer of RM35,000/acre was later re-negotiated and reduced to RM23,380/acre. After deducting the cost of plantation development expenditure which is approximately RM5,000/acre, so the adjusted valuation based on vacant land would be in the region of RM31,000/acre to RM36,000/acre. Therefore, the Board of the Company is of the opinion that the Purchase Price of RM23,380/acre is fair and reasonable as compared to the adjusted valuations.

 

This announcement is dated 9 September 2020.






Announcement Info

Company Name TECK GUAN PERDANA BERHAD
Stock Name TECGUAN
Date Announced 09 Sep 2020
Category General Announcement for PLC
Reference Number GA1-09092020-00036




Close