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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS FGV HOLDINGS BERHAD ("FGV" OR "THE COMPANY") - PROPOSED ACQUISITION OF THE ENTIRE EQUITY INTEREST OF MSM PERLIS SDN BHD FOR AN AGGREGATE CASH CONSIDERATION OF RM175.0 MILLION (SUBJECT TO ADJUSTMENT FOR NET DEBT AND NET WORKING CAPITAL AT COMPLETION DATE)

FGV HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
FGV HOLDINGS BERHAD ("FGV" OR "THE COMPANY") - PROPOSED ACQUISITION OF THE ENTIRE EQUITY INTEREST OF MSM PERLIS SDN BHD FOR AN AGGREGATE CASH CONSIDERATION OF RM175.0 MILLION (SUBJECT TO ADJUSTMENT FOR NET DEBT AND NET WORKING CAPITAL AT COMPLETION DATE)

We refer to our announcements dated 30 April 2021 and 5 May 2021 (Ref. No.:GA1-05052021-00123) on the above.

 

Unless otherwise stated, the defined terms used herein shall have the same meaning as the announcements dated 30 April 2021 and 5 May 2021.

 

We wish to clarify that the information provided with regards to the Proposed Acquisition of MSM Perlis under Item A and D of the announcement dated 5 May 2021 were erroneous.

 

Therefore, Item A and D in the attachment to the announcement dated 5 May 2021 should be read as follows:

 

A. 8 parcels of land in Chuping, Perlis

 

Land title, tenure, land area, category of land use, express condition, encumbrances, restriction in interest

See Appendix 1

Existing use

Rubber and oil palm plantation known as “Ladang Chuping”

 

Age of the buildings

The buildings located on Ladang Chuping which include an agriculture complex, housing complex site and agriculture research division, kindergarten, canteen clinic and guard post are approximately 47 years old (built in the 1973)

 

Maturity of the trees

The age profile of the rubber trees and oil palm as at the date of the Valuation Report are as follows:

 

Year of Planting

Age

Planted Area

Hectares

%

Rubber

2011

9

45.69

1.52

2012

8

939.23

31.17

2013

7

1,315.74

43.67

2014

6

641.82

21.30

2015

5

70.30

2.34

Sub-total

3,012.78

100.00

Oil Palm

2000

20

5.88

5.55

2011

9

100.01

94.45

Sub-total

105.89

100.00

 

Production for the past 3 years

Rubber

No latex yield production record is available as there is no major tapping of the rubber trees carried out within the subject property. The cup lump being produced in Phase/Year 2011 are as follows:

 

Year

Weight (kg/wet)

2020

Nil

2019

20,623

2018

34,711

2017 (September to December)

11,555

Oil palm

 

Year of Planting

Yield (MT/HA)

FYE 2020

FYE 2018

FYE 2017

2000

Nil

20.13

22.50

2011

Nil

22.80

24.53

 

Net book value

8 parcels of land

RM78.63 million based on the audited accounts for the financial year ended 31 December 2020

 

Building, infrastructure and office equipment

RM3.02 million based on the audited accounts for the financial year ended 31 December 2020

 

Market value

RM168,000,000.00 based on the valuation ascribed by the Independent Valuer on 18 November 2020 for existing land usage. The valuation was carried out using the comparison approach as the main valuation methodology and the income approach as the secondary approach and check.

 

Original cost of investment

8 parcels of land

RM98.71 million

 

Building, infrastructure and office equipment

RM7.53 million

 

Date of acquisition

21 May 2011

 

 

 

D. 1 parcel of industrial land with a sugar refinery factory in Chuping, Perlis

 

Land title, tenure, land area, category of land use, express condition, encumbrances, restriction in interest

See Appendix 1

Existing use

Previously used as a sugar refinery factory which has ceased operation since June 2020

 

Age of the buildings

Approximately 50 years old

 

Net book value

RM7.77 million based on the audited accounts for the financial year ended 31 December 2020

 

Market value

RM21,200,000.00 based on the valuation ascribed by the Independent Valuer on 18 November 2020.  The valuation is carried out using the cost method of valuation. In this method, the land is valued using the comparison approach and the building is valued based on the construction cost of a new similar building after an allowance of obsolescence is taken into consideration due to the current physical and economic condition of the subject building.

 

Original cost of investment

RM9.47 million

 

Date of acquisition

20 February 1972

 

 

Save for the abovementioned amendments highlighted in bold, all other information in the announcement dated 30 April 2021 and 5 May 2021 remains valid and unchanged.

 

This announcement is dated 6 May 2021.






Announcement Info

Company Name FGV HOLDINGS BERHAD
Stock Name FGV
Date Announced 06 May 2021
Category General Announcement for PLC
Reference Number GA1-05052021-00132




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